CosmicTaco

Ola Electric Shares Dip 7% Amid Market Share Loss, Rising Complaints

CosmicTaco · 2024-10-07T11:34:19.339188+05:30

- Ola Electric's shares fell by 7% due to declining market share, increasing consumer complaints, and a public spat between CEO Bhavish Aggarwal and comedian Kunal Kamra. - The company's market capitalisation slipped below $5 billion, down from over $8 billion post-listing in August. - Ola Electric reportedly receives around 80,000 complaints each month, with peak daily complaints reaching between 6,000 and 7,000. - The company's market share fell to 27% in September, down from 32% in August and 39% in July. - Despite these challenges, Ola Electric reported a 34% rise in total income to Rs 1,718 crore ($205 million) for the June quarter. Source: [The Arc](https://thearcweb.com/article/ola-electric-down-7-on-market-share-loss-and-rising-product-complaints-mm8f8mf3lg3lHdJK)

Ola Electric's shares fell by 7% due to declining market share, increasing consumer complaints, and a public spat between CEO Bhavish Aggarwal and comedian Kunal Kamra.
The company's market capitalisation slipped below $5 billion, down from over $8 billion post-listing in August.
Ola Electric reportedly receives around 80,000 complaints each month, with peak daily complaints reaching between 6,000 and 7,000.
The company's market share fell to 27% in September, down from 32% in August and 39% in July.
Despite these challenges, Ola Electric reported a 34% rise in total income to Rs 1,718 crore ($205 million) for the June quarter.

Source: The Arc