Ola Electric Faces Share Decline Amid Service Quality Controversy

Ola Electric's shares plummeted by 8% amid reports of service quality issues and a social media spat involving CEO Bhavish Aggarwal. The controversy ensued after stand-up comedian Kunal Kamra criticized Ola, sparking complaints from consumers. Ola's market share is also under threat from traditional auto makers.

Shares of Ola Electric saw a significant decline of 10% before closing 8% lower on Monday, following concerns over service quality and a social media dispute involving the company's CEO, Bhavish Aggarwal.

On the BSE, the stock ended the day at Rs 90.82, marking its third consecutive day of losses. Meanwhile, it dropped to Rs 89.71 at its lowest point during trading. On the NSE, shares closed at Rs 90.75 after hitting a low of Rs 89.55.

The controversy, triggering the stock's decline, erupted when comedian Kunal Kamra tweeted a photo seemingly depicting several Ola scooters waiting for servicing, prompting heated exchange with Aggarwal. Ola's market challenges are compounded by competition from firms like Bajaj Auto and TVS Motor in the burgeoning electric vehicle sector.

(With inputs from agencies.)