 "Here's why Ola Electric share was down over 3% on October 10; reasons here")
Ola Electric share price: Electric vehicles (EVs) manufacturer Ola Electric shares slipped as much as 3.21 per cent to hit an intraday high of Rs 92.70 per share on Thursday, October 10, 2024.
Ola Electric's share price declined following a request from the Ministry of Heavy Industries (MHI) to the Automotive Research Association of India (ARAI) for its assessment of the increasing number of consumer complaints against the company.
The development followed a show-cause notice (SCN) issued to Ola Electric by the Central Consumer Protection Authority (CCPA) on October 3, 2024.
ARAI, a key institution under MHI, is tasked with vehicle certification, safety testing, and emissions compliance in India. It has certified Ola Electric’s vehicles under the government’s Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) and PM Electric Drive Vehicle (E-DRIVE) schemes.
The CCPA's notice was triggered by nearly 10,000 consumer complaints lodged against Ola Electric between September 1, 2023, and August 30, 2024, via the National Consumer Helpline.
The complaints include issues such as delayed deliveries, defective vehicles, misleading advertisements, and inadequate customer service.
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In response to the Show Cause Notice (SCN) from the Central Consumer Protection Authority (CCPA), Ola Electric stated that it believes the notice "would not impact" its operations. The company plans to submit a formal response within the 15-day deadline.
Ola Electric, an electric vehicle (EV) manufacturer, is focused on developing vertically integrated technology and manufacturing capabilities for EVs and their components, including battery cells. Led by Bhavish Aggarwal, the company holds a considerable 35 per cent market share in India's electric two-wheeler market for FY24.
Ola Electric listing
Shares of Bhavish Aggarwal-led Ola Electric Mobility made a flat debut on the bourses despite positive market sentiments. Ola Electric IPO shares listed flat at Rs 75.99 on the BSE and Rs 76 on the NSE, against the issue price of Rs 76. However, Ola Electric shares rallied 17.77 per cent to Rs 89.50 on the BSE, post-listing.
Ola Electric share price
At 10:30 AM, shares of Ola Electric were trading 2.43 per cent lower at Rs 93.45 per share. In comparison, BSE Sensex was trading 0.51 per cent higher at 81.886.25 levels.