Ola Electric Shares Plunge 9 Per Cent. Here’s What Happened

This decrease follows the lowest monthly sales reported by the firm last month as it saw an increase in competition from smaller players and faced challenges in its servicing network

Ola Electric saw a decline in its shares on Monday as the company experienced a plunge in the stock market. The firm’s shares took a fall of 9 per cent and hit an intraday low of Rs 89.71 per share. As of 1:42 PM, the company’s stock stood at Rs 89.99 apiece on the BSE.

This decrease follows the lowest monthly sales reported by the firm last month as it saw an increase in competition from smaller players and faced challenges in its servicing network. 

The company experienced the downfall following a public heated exchange between Ola CEO Bhavish Aggarwal and comedian Kunal Kamra. The issue began after Kamra called out Aggarwal and questioned the quality of the products being offered by his firm, specially their electric two-wheelers. 

However, Aggarwal didn't take kindly to the claims and said, "Since you care so much @kunalkamra88, come and help us out! I’ll even pay more than you earned for this paid tweet or from your failed comedy career. Or else sit quiet and let us focus on fixing the issues for the real customers. We’re expanding service network fast and backlogs will be cleared soon."

This escalated into a full blown conflict with Kamra calling the executive 'Olan Musk' and mutliple Netizens sharing their experience of bad services with the company. One of the users pointed out that he has been trying to seek help from the company for 6 months now and the only response he has received is a message claiming that they are working on it.