Ola Electric Stock Plunges 9% Amid Service Issues

New Delhi, Oct 7 (PTI) Shares of Ola Electric Mobility tumbled 9 per cent on Monday amid reports of service quality issues of its electric scooters and its CEO's spat on social media.

Sliding for the third straight day, the stock of the company plunged 9.14 per cent to trade at Rs 90 apiece on the NSE.

On the BSE, it fell 8.93 per cent to Rs 90.20 per piece.

Later, it slumped 9.59 per cent and 9.43 per cent to hit register an intraday low of Rs 89.55 and 89.71, on the NSE and BSE, respectively.

The slide in the shares came after a war of words broke out between Ola founder Bhavish Agarwal and stand-up comedian Kunal Kamra on Sunday on social media platform X over the after-sales and service quality.

The controversy started when Kunal Kamra responded to a post on X by Agarwal, who posted a photo of Ola's gigafactory, by putting a picture of several Ola Electric scooters parked together seemingly waiting for servicing.

In response to Kamra's tweet, Bhavish Aggarwal called him a failed stand-up comic and his tweet a "paid one” asserting that Ola Electric is rapidly expanding its service network and will clear all the backlogs "soon."

Further, many Ola Electric consumers jumped into the spat and complained about the service quality of the company, asking Agarwal to address their issues.

Meanwhile, the 30-share BSE Sensex declined 837.23 points or 1.02 per cent to 80,851.22, while the NSE Nifty slumped 285.90 points or 1.14 per cent to 24,728.70.

In August this year, Ola Electric Mobility was listed at an issue price of Rs 76. It quickly doubled from its issue price to make a post-listing high of Rs 157.4. Since touching the all-time high, the stock is down 43 per cent from those levels.

Ola Electric has been losing market share to legacy auto players like Bajaj Auto and TVS Motor as they ramp up their push within the EV space.