Shares of Ola Electric Mobility declined up to 10 per cent before settling lower by 8 per cent on Monday amid reports of service quality issues of its electric scooters and its CEO's spat on social media.
On the Bombay Stock Exchange, Ola Electric shares tumbled 8.31 per cent to settle at Rs 90.82 apiece, marking the third straight day of losses.
The stock plunged 9.43 per cent to a low of Rs 89.71 on BSE.
Ola Electric Mobility slumped 8.38 per cent to close at Rs 90.75 apiece on the National Stock Exchange (NSE).
The stock tanked 9.59 per cent to hit a low of Rs 89.55 on the NSE.
In the volume trade, 1.15 crore equity shares were traded on the BSE and 9 crore shares changed hands on the NSE during the day.
The 30-share BSE Sensex tumbled 638.45 points or 0.78 per cent to settle at 81,050, while NSE Nifty slumped 218.85 points or 0.87 per cent to end at 24,795.75.
The slide in the shares came after a war of words broke out between Ola founder Bhavish Agarwal and stand-up comedian Kunal Kamra on Sunday on social media platform X over the after-sales and service quality.
The controversy started when Kunal Kamra responded to a post on X by Agarwal, who posted a photo of Ola's gigafactory, by putting a picture of several Ola Electric scooters parked together seemingly waiting for servicing.
In response to Kamra's tweet, Bhavish Aggarwal called him a failed stand-up comic and his tweet a 'paid one' asserting that Ola Electric is rapidly expanding its service network and will clear all the backlogs 'soon'.
Further, many Ola Electric consumers jumped into the spat and complained about the service quality of the company, asking Agarwal to address their issues.
In August this year, Ola Electric Mobility was listed at an issue price of Rs 76. It quickly doubled from its issue price to make a post-listing high of Rs 157.4. Since touching the all-time high, the stock is down 43 per cent from those levels.
Ola Electric has been losing market share to legacy auto players like Bajaj Auto and TVS Motor as they ramp up their push within the EV space. -- PTI