The Bengaluru-based company is grappling with complaints. Reportedly, each month it receives around 80,000 complaints, which are overwhelming its service centers. On peak days, the number of complaints can reach 6,000 to 7,000, the report claimed. The huge number of cases have led to extended wait times, overworked staff, and rising customer dissatisfaction.
This decision comes shortly after an incident where an Ola customer set fire to a showroom. According to the customer, his new bike frequently developed problems, and the staff did not respond adequately to his repeated requests for assistance.
Shares of Ola Electric Mobility Ltd saw a significant increase, jumping 10% to reach the upper circuit limit on Tuesday. The stock rose 9.71% to settle at INR 118.10 on the BSE and peaked at INR 118.40, the upper circuit limit for the day. At the NSE, shares also surged 10% to reach INR 118.36, the highest trading permissible limit for the day.
Ola Electric's market valuation is now at INR 52,091.90 crore. The company’s shares were first listed on August 9 this year, and the stock has increased by 55.39% from the issue price of INR 76.
The INR 6,145 crore initial public offering of Ola Electric Mobility received 4.27 times subscription last month. The initial share sale was priced between INR 72 and INR 76 per share.
Ola Electric manufactures electric vehicles and components such as battery packs, motors, and vehicle frames.
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