The Bengaluru-based company also saw a 30% decline in new vehicle registrations at 28,688, compared with 41,161 in October when it had accounted for 30.5% of electric two-wheelers registered at regional transport offices, show the data.
The Bhavish Aggarwal-led company has been under growing scrutiny in recent months over issues with its servicing network and rising customer complaints, impacting its stock price and market capitalisation.
Recently, global brokerage firm Citi Research, while initiating coverage on Ola Electric with a ‘Buy’ rating and a target price of Rs 90, acknowledged challenges in Ola Electric’s service reputation, stating: “We admit service perception has been negative of late, but expect it to subside over the medium term as back-end supply chain catches up with volume growth.”
The Central Consumer Protection Authority issued a notice to the company over these issues, to which Ola Electric responded on October 21 by stating that it had resolved 99.1% of existing complaints.
Despite challenges with service reputation, Ola Electric has been expanding its product portfolio. It recently launched two new electric scooter models — the S1 Z and Gig — targeting gig economy workers and cost-conscious consumers in India.
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During its earnings call for the second fiscal quarter, Aggarwal outlined Ola Electric’s plans to launch 20 new products across two- and three-wheeler categories over the next two years, with at least one new product release each quarter.Its shares were 6.28% higher at Rs 92.91 in afternoon trading on the BSE Monday.