New Delhi, September 27 (IAMS). Ola Electric, which has been in the news for hardware and software glitches in its electric scooter, is witnessing a continuous decline in its shares. The stock has seen a decline of more than eight percent in the last one week and the share price had fallen to Rs 101 in Friday’s trading session.
Shares of Bhavish Aggarwal-led Ola Electric closed at Rs 102.18 per share on Friday. Regarding the stock, market analysts said that investors should wait for the right opportunity for entry.
There has been a continuous decline in the stock for more than a month. The stock has slipped 35 percent from its all-time high of August 20.
Rajesh Sinha, senior research analyst at financial services firm Bonanza, told IANS that Ola Electric’s stock is facing ups and downs after the IPO. The reason for this is the slowness in demand for EV and issues related to services.
Sinha further said that due to falling sales, Ola Electric’s market share has declined from 39 percent to 31 percent.
Despite these concerns, many foreign brokerage houses remain positive about Ola shares. However, some reports have said that after purchasing Ola Electric’s EV scooter, customers are having to wait for a long time in the service center due to shortage.
According to reports, customers are facing many types of problems including software and hardware in Ola Electric EV Scooter. Due to less number of service centres, one has to wait for a long time to get the scooter repaired.
However, on Friday the company announced that it is going to increase the number of company-owned service centers to 1,000.
–IANS
ABS/GKT
