Ola Electric Shares Drop Amid Customer Complaints and Government Scrutiny
Ola Electric’s shares fell by 5.19% to INR 90.81 amid increasing scrutiny over customer complaints regarding its aftersales service. The Ministry of Heavy Industries has asked the Automotive Research Association of India to investigate whether the company is honoring warranties and maintaining adequate service centers. Ola Electric has faced backlash on social media, particularly after a public exchange between CEO Bhavish Aggarwal and comedian Kunal Kamra, who highlighted ongoing customer issues with the company’s e-scooters. The company’s market capitalization stands at approximately INR 40,054.75 crore (around $477 million.
Despite the decline, brokerages like Goldman Sachs and BofA Securities maintain a positive outlook, assigning buy ratings and price targets higher than current levels. Ola Electric also reported a 30% reduction in net loss to INR 347 crore for Q1 FY25, along with a 32% year-on-year increase in operating revenue .
For further details, you can read the full article .
