Ola Electric shares will be in the spotlight today after the company announced that it has resolved 99.1% of the 10,644 complaints it received from the Central Consumer Protection Authority (CCPA). The company reassured investors that it has a strong system in place to handle issues related to its electric vehicles.
In a statement to the stock exchange, Ola Electric said, “We want to highlight that 99.1% of complaints received from the CCPA were resolved to the full satisfaction of the customers through our robust complaint resolution system.” The CCPA had issued a show-cause notice on October 7, asking Ola to explain how it was handling customer complaints, with a 15-day deadline ending on October 22.
Out of the total complaints, 3,364 were about slow service and repairs, 1,899 related to delayed scooter deliveries, and 1,459 mentioned unfulfilled promises, leaving many customers unhappy. Some complaints also accused Ola of misleading advertisements about its products’ performance and features.
On Monday, Ola Electric’s shares closed at ₹81.66, down 6.1%, while the Sensex dropped 0.09%. Over the last month, Ola shares have fallen by 26%, and they are down 48% from their all-time high of ₹157.40, with the company now valued at ₹36,018 crore.
In the first quarter of FY25, Ola Electric’s revenue grew by 32% to ₹1,644 crore, but its net loss increased to ₹347 crore, up from ₹267 crore in the same period last year.
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