Ola Electric Tumbles 9%

New Delhi: Shares of Ola Electric Mobility tumbled 9 per cent on Monday amid reports of service quality issues of its electric scooters and its CEO’s spat on social media. Sliding for the third straight day, the stock of the company plunged 9.14 per cent to trade at Rs 90 apiece on the NSE. On the BSE, it fell 8.93 per cent to Rs 90.20 per piece. Later, it slumped 9.59 per cent and 9.43 per cent to hit register an intraday low of Rs 89.55 and 89.71, on the NSE and BSE, respectively. 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.”