Oct 07, 2024 12:15 PM IST
Ola Electric shares dropped 8%, marking three consecutive days of losses and a 43% decline since listing.
Shares of Ola Electric fell as much as 8% today- making it the third straight day of losses for the stock which has now declined in five out of the last six trading sessions. Ola Electric listed in August this year at its issue price of ₹76 after which it doubled from its issue price to ₹157.4. The stock is now down 43% as the company has seen a major decline in its market share from the start of the current financial year.
Ola Electric has been losing market share to Bajaj Auto and TVS Motor as the companies push within the EV space. Bajaj Auto and TVS Motor command a market share of around 20% in September.
This comes as Ola Electric recently launched a BOSS sale with festive discounts of up to ₹40,000 and an S1 X scooter range starting from ₹49,999.
Ola founder Bhavish Aggarwal was also involved in a social media spat with comedian Kunal Kamra who questioned the company’s service. Kunal Kamra quote-tweeted a tweet from Bhavish Aggarwal, which had a picture of the Ola Gigafactory as he urged people having issues with Ola Electric to respond to his tweet.
In response to Kunal Kamra’s tweet, Bhavish Aggarwal called him a failed standup comic and his tweet a “paid one” asserting that Ola Electric is rapidly expanding its service network and will clear all the backlogs “soon.”