Ola Electric share price jumps 4% after resolving 99.1% complaints from CCPA
In the span of a month, the stock price of Ola Electric has plummeted by more than 25%. The company experienced a lackluster debut on the stock market in August 2024, with its shares being introduced at ₹76 each on the NSE, aligning with the initial issue price.
Ola Electric Mobility witnessed a robust surge of over 4% in its share price during early trading on Tuesday following the company’s statement regarding the resolution of the majority of complaints lodged by the Central Consumer Protection Authority (CCPA). The share value of Ola Electric experienced a significant spike, reaching a peak of ₹85.30 per share on the BSE.
About 99.1% of the 10,644 CCPA complaints were successfully addressed by the manufacturer of electric motorcycles.
Ola Electric Mobility underscored their commitment to effectively handling complaints regarding their vehicles. According to a recent regulatory filing on October 21, out of the 10,644 complaints received from the CCPA, an impressive 99.1% were successfully resolved to the full satisfaction of the customers through Ola Electric’s strong redressal system.
In reaction to a show-cause notice from CCPA on October 7, the company has issued a statement regarding alleged violations of consumer rights, misleading advertisements, and unfair trade practices.
The company was given a 15-day timeline by the authority to address the show cause notice, with the deadline falling on October 22nd.
The showdown between Bhavish Aggarwal and Kunal Kamra
In another update, tensions continue to rise in the social media feud between Ola CEO Bhavish Aggarwal and comedian Kunal Kamra. Kamra has taken another jab at the company, this time claiming that they have resorted to employing security personnel at their service centers.
Kamra aggressively confronted Bhavish Aggarwal following a social media post about Ola employing security personnel. Recently, Kamra had ridiculed Ola for its opacity concerning customer feedback. Prior to this incident, the comedian had publicly lambasted Aggarwal, pointing out the company’s negligence in handling growing customer dissatisfaction and pending refund matters.
Price of Ola Electric Shares
In the span of a month, the value of Ola Electric’s stock plummeted by more than 25%. Following its lackluster performance during its stock market debut in August 2024, Ola Electric shares were introduced on the NSE at ₹76 each, aligning with the initial offering price. While reaching a peak of ₹157.40 per share on 20 August 2024, Ola Electric’s shares subsequently faced significant selling pressure, leading to a downturn in their value.
Ola Electric shares have surged by more than 12% since being listed.
As of 10:40 am, Ola Electric’s stock price on the BSE had risen by 0.94% to ₹82.43 per share.
