Tue Oct 08 04:31:24 UTC 2024: ## Ola Electric Shares Plummet Amidst Customer Backlash and Service Issues

**New Delhi, India** – Ola Electric’s share price took a significant dive on Monday, closing at Rs 90.26, down 8.5% from the previous session. The slump comes amidst growing customer frustration over numerous hardware and software issues plaguing the company’s e-scooters and poor service centre performance.

The EV firm, led by Bhavesh Agarwal, saw its shares drop as low as 9% in early trading, with many customers taking to social media to voice their concerns. Since its initial public offering (IPO) at Rs 76, Ola Electric’s share price had soared to Rs 157.40 before experiencing a rapid decline.

The company’s market share in the Indian EV market has also been hit, falling to 27% in September. This decline coincides with increased competition and persistent complaints about the Ola S1 series, the company’s flagship e-scooter. Many customers have reported experiencing hardware malfunctions, glitching software, and prolonged delays in obtaining spare parts.

In a particularly concerning incident last month, an angry customer in Karnataka set fire to an Ola Electric showroom in response to their unresolved issues. The company reportedly receives around 80,000 complaints monthly.

Analysts attribute the stock’s current downward trajectory to its high price and lack of profitability. Ola Electric’s share price has dropped over 40% since reaching its all-time high.

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