Ola Electric Mobility's share plummeted on the National Stock Exchange, touching a day low of Rs 89.55 per share on the NSE (National Stock Exchange).
The stock was trading at Rs 91.00 per share on the bourse, which is a steep decline from the high price of Rs 157 per share recorded on the following trading days after the listing.
Decline after listing
Ola Electric Mobility had listed in August this year at its issue price of Rs 76. But it doubled from the issue price very soon, reaching a post-listing high of Rs 157.4. Now, the stock has dropped 43 per cent from those heights.
Ola's market share fell from 52 per cent in April to just 27 per by September, according to data from VAHAN. The decrease in sales is ascribed to heightened competition from well-established players such as Bajaj Auto and TVS Motor.
These companies have enhanced their electric vehicle (EV) portfolios and have amassed substantial market shares, currently hovering around 20 per cent each.
Sales decline
In the midst of a difficult time, Ola Electric is actively marketing its S1 line of electric scooters. After selling 23,965 units in September—its lowest sales total for 2024—the company saw a decline for the second straight month.
Kunal Kamra vs Bhavish Aggarwal
Ola Electric and founder Bhavish Aggarwal were in the middle of a social media storm over the company's poor service. What started off as a tweet questioning the company's service by stand-up comedian Kunal Kamra translated into a war of words between the two, with disgruntled customers and even market participants jumping into the conversation.
