Hailstone
In view of the complaints received from customers against Ola Electric, the government has taken a big step. Let us tell you that the Central Consumer Protection Authority (CCPA) has ordered a detailed investigation into the complaints related to the alleged ‘defects’ in the services and electric two-wheelers manufactured by Ola Electric. The Central Consumer Protection Authority (CCPA), headed by Nidhi Khare, has directed the Director General (Investigation) to investigate the matter. Khare also heads the Bureau of Indian Standards (BIS). An order in this regard was issued on November 6 and the BIS Director General has been asked to submit the investigation report within 15 days.
Asked to submit report within 15 days
A senior official of the Consumer Affairs Ministry said, the company has responded to the notice. The CCPA has now asked the Director General (Investigation) to investigate the matter in detail and submit the report within 15 days. The move comes in the wake of the action initiated by CCPA after receiving over 10,000 complaints on the National Consumer Helpline (NCH). The regulator had issued a notice to Ola Electric on October 7 citing alleged violation of consumer rights, misleading advertisements and unfair trade practices. The company had given the notice on October 21, in which it had said that it had resolved 99.1 percent of the 10,644 complaints filed with CCPA.
Ola Electric’s market share continues to decline
In the first quarter of the current financial year 2024-25, Ola Electric had 49 percent share in the electric two-wheeler market, which was the company’s best. But after this, there is a continuous decline in the market share of the company. In July 2024, the company’s market share increased to 39 percent, then in August, Ola Electric’s market share decreased to 31 percent. This trend of decline in market share continued in September also and in September 2024, the company’s market share came down from 31 percent to 27 percent. In such a situation, Ola Electric’s rival companies like Ather, TVS, Bajaj and Hero are getting full benefits.
Share price came from Rs 157 to Rs 70
Let us tell you that Ola Electric has recently been listed in the stock market. Ola Electric’s IPO opened on 2 August and closed on 6 August. The company had allotted shares at a price of Rs 76 under its IPO. The listing of the company took place on August 9 and a huge increase in the company’s shares was recorded on the very first day. Shares of Ola Electric had touched the price of Rs 157.40 on NSE on August 20. But since then the shares of the company have been continuously declining. On November 14, the share price fell to Rs 70.12.
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