Mumbai: Shares of Bhavish Aggarwal-led Ola Electric continue to fall. In just a few months, investors have lost Rs 38,000 crore in the company's shares. Shares of the EV company are trading around Rs 70, down about 55 per cent or Rs 87.20 from its all-time high of Rs 157.40 per share. It is trading below its public debut price of Rs 76. Due to the huge fall, the market cap of the company has reduced by Rs 38,000 crore. The market cap, which had reached an all-time high of Rs 69,000 crore, has declined to around Rs 31,000 crore.
The reason for the fall in the company's shares is being said to be the increasing complaints from Ola Electric customers regarding poor service and product quality. Kunwar Pal of Gurugram told that he had purchased Ola electric scooter in the last week of January. He lamented, “Its rear tire got jammed while driving. Now when we reached the service center, we found out that its battery was dead and it would cost Rs 30,000.” Another Ola Electric customer from Gurugram said that it has been almost four months since he purchased the electric two-wheeler. He said, “The vehicle has been facing problems for the last two months. The brake shoe has broken three times in a month. The service is very poor.”
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