Ola Electrical continues to lose its market share within the Indian EV market.
Mumbai:
Bhavish Aggarwal-led Ola Electrical noticed its inventory crashing to about Rs 90 a bit within the morning commerce on Monday, as aggrieved prospects flooded social media platforms once more with a myriad of points with its flagship electrical two-wheeler.
The Ola Electrical share nosedived to Rs 90.26 apiece, a drop of 8.5 per cent from the final buying and selling session. The EV agency debuted on the inventory market with Rs 76 and even touched Rs 157.40, earlier than crashing like a pack of playing cards over innumerable {hardware} and software program points with its e-scooters and poor circumstances at its service centres throughout the nation.
Since touching the all-time excessive, the corporate’s share is buying and selling round 42-43 per cent decrease.
The EV agency continues to lose its market share within the Indian EV market and in September, its share additional dropped to 27 per cent amid rising competitors in addition to its crippling service centres. It noticed 24,665 e-scooter gross sales final month, from 27,587 models bought in August, in response to the federal government transportation portal Vahan.
Ola Electrical’s rivals have launched newer fashions that are priced nearer to these of Ola, as its flagship S1 sequence EV scooter has turn into a nightmare for a whole lot of consumers who’re constantly going through points like malfunctioning {hardware} and glitching software program and spare components are arduous to come back by, leading to inordinate delays.
As per commerce analysts, the inventory is at the moment loss-making and buying and selling at excessive valuations.
An aggrieved Ola Electrical buyer torched its showroom in Karnataka final month, as the corporate’s social media platforms had been flooded with complaints about its EV scooters. As per studies, Ola Electrical receives round 80,000 complaints month-to-month.
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