Ola Electric Mobility share price today jumped over 4 per cent in early trade on Tuesday after the company announced that it resolved most of the complaints received from the Central Consumer Protection Authority (CCPA).
Shares of Ola Electric Mobility were trading at 4.45% to their day’s high of Rs 85.30 on the BSE after the company announced that it has resolved approximately 99.1% of the 10,644 complaints received from the Central Consumer Protection Authority (CCPA).
In a stock exchange filing, the company said, “We wish to reiterate that Ola Electric has a robust mechanism to address complaints raised with respect to our vehicles. In fact, we wish to emphasize that out of 10,644 complaints that we received from the CCPA, 99.1% of the complaints were resolved to the complete satisfaction of the customer as per Ola Electric’s robust redressal mechanism.”
The announcement comes just a day before the October 22 deadline set by the CCPA. On October 7, the authority issued a show-cause notice to Ola, demanding an explanation for the handling of numerous consumer complaints, giving the company 15 days to respond.
Out of the total complaints, 3,364 pertained to slow service and repairs, 1,899 were related to delayed deliveries of Ola’s electric scooters, and 1,459 highlighted unfulfilled service promises, leading to widespread consumer dissatisfaction. Additional complaints pointed to misleading advertisements that exaggerated the performance, features, and availability of its products.
Ola Electric stock price has fallen over 25 per cent in one month. The company made a flat stock market debut in August 2024. Ola Electric shares were listed at Rs 76 apiece on the NSE, at par with its issue price. The stock touched a high of Rs 157.40 apiece on 20 August 2024. However, Ola Electric shares came under selling pressure from its highs.
Since its listing, Ola Electric shares are up over 12 per cent.
At 10:40 am, Ola Electric shares were trading 0.94 per cent higher at Rs 82.43 apiece on the BSE.
