Ola Electric's stock slid to around Rs 90 a piece in morning trade on Monday after its chief, Bhavish Aggarwal, had been flooded with a multitude of complaints from angry customers on social media again relating to its flagship electric two-wheeler.
The Ola Electric share nosedived to Rs 90.26 apiece, falling 8.5 per cent from the last trading session. The EV firm debuted on the stock market at Rs 76 and even touched Rs 157.40 before crashing like a pack of cards over innumerable hardware and software issues with its e-scooters and poor conditions at its service centres across the country.
The stock is trading around 42-43 per cent lower since it touched all-time high.
The EV maker is losing its market share in the Indian EV market and in September, its share further fell to 27 percent amid a surge in competition as well as its choking service centres. It saw 24,665 e-scooter sales last month, from 27,587 units sold in August, according to the government transportation portal Vahan.
This new rivals to Ola Electric have just introduced newer models which are closer in price to Ola, which considers its flagship S1 series an EV scooter a nightmare for hundreds of customers who are consistently facing issues like malfunctioning hardware and glitching software and spare parts are hard to come by, resulting in inordinate delays.
The stock is loss-making and trading at high valuations, according to trade analysts.
An upset Ola Electric customer torched its showroom in Karnataka last month, as the company's social media platforms were flooded with complaints about its EV scooters. Even though reports claimed that it is receiving 80,000 complaints per month, Ola Electric is not shying away from finding ways to solve those issues.
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