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Amerind electrical vehicle maker Ola Electric ’s customers are n’t felicitous with its service and scooters , and it ’s affecting the company ’s stock and market portion . The company ’s plowshare fall by as much as 9.1 % on Monday to ₹ 89.14 , sending its market cap below $ 4.75 billion for the first time since its IPO in August .
The company ’s share are still trade above their August IPO toll but have fallen more than 40 % to a low of ₹ 89 ( about $ 1.06 ) from a height of ₹ 157 ( about $ 1.87 ) .
Monday ’s sell - off coincides with a surge in customer complaints about the reliability and public presentation of its iceboat . The inauguration reportedly receivesover 80,000 customer complaint monthly , according to Amerind casual newspaper , Mint .
“ Most service centers appear overwhelmed by service requests and were struggling to provide tolerable service quality ( as expected from an Auto OEM in India ) , ” HSBC analysts spell in a note after visiting several Ola Electric service station .
The analyst wrote that Ola Electric “ did not invest ” sufficiently in servicing capacity to match the loudness sold over the past two years .
“ There is an penetrating shortage of skilled manpower and testing equipment in most eye . Plus , there is a decipherable want of experience in the growth and sustentation of serve plaza visible in many locations . Product issues were more than the company expected . Issues ranged from sensor and software problems in the hub motor to battery discharge during non - usage , while other regular divine service requirements also accumulated due to staff shortages , ” the note , accessed via S&P Market Intelligence , added .
Ola Electric is also chop-chop lose market ploughshare . The company commanded about 49 % of the market in the quarter end June , but its share had fall to 27 % by the end of September , according to flesh published by the Amerindic government .
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Meanwhile , Amerindic automotive giants Bajaj and TVS are ramping up their focus on galvanic vehicles — each now control over 20 % of the EV market .
Ola Electric founder and chief administrator Bhavish Aggarwal ( depict above ) last weekendmockeda comedian who had raised concerns about Ola Electric customer ’ trouble , say the comic had failed in his career and had taken payoff to criticise the caller .
