- LATEST
- WEBSTORY
- TRENDING
BUSINESS
Bhavish Agarwal's Ola Electric shares decline by over 8%, market cap drops to...
Since touching the all-time high of Rs 157.4, the stock is down 43 per cent from those levels.
Updated : Oct 07, 2024, 04:34 PM IST
 "Bhavish Agarwal's Ola Electric shares decline by over 8%, market cap drops to...")
TRENDING NOW
)
'I will give you interview, but give me food': Meet 'king of B-grade films' who had no money, then became star, worked in 6 shifts, did 18 films together
)
Meet former Miss India who cracked CDS exam to become Indian Army officer, her AIR was...
)
Manoj Kumar had two sons, one was actor Kunal Goswami but who was the other one, what did he do for living
)
Meet world's richest woman ever, way richer than Mukesh Ambani, Gautam Adani, Elon Musk, made history by becoming..., her immense wealth was...
)
Ratan Tata's TCS loses Rs 110351 crore in just 96 hours after...; becomes biggest...
)
Casting couch scandals resurface: Tamil actress Shruthi Narayanan's viral video sparks fresh debate in film industry
)
Meet Jai Anshul Ambani, younger son of Anil Ambani and nephew of Mukesh Ambani, owns collection of luxury cars and aircrafts; his net worth is Rs...
)
How much salary does NSA Ajit Doval get? His facilities, allowances and perks will leave you shocked, check details
)
Govinda breaks silence on divorce reports with Sunita Ahuja: 'I am in the process of...'
)
MS Dhoni's daughter Ziva studies in this school, know amenities, area, fees is Rs..., not Dhirubhai Ambani International School
)
Sebi imposes Rs 700000 fine on THIS company once owned by Anil Ambani, asks to pay amount within...
)
Indian-Canadian couple's dream wedding in Bengaluru turns tragic as colour bomb explodes on bride's back, watch viral video
)
'He has touched me after...': Hema Malini wanted her blouse to be stitched tight in Baghban for her scene with Amitabh Bachchan because..
)
After leaked casting couch video, Shruthi Narayanan's old statement about social media goes viral: 'You can't share everything, it might...'
)
Abhishek Bachchan flies out of Mumbai with mom Jaya Bachchan, niece Navya Nanda; fans ask 'where is Aishwarya, Aaradhya'
Ola founder Bhavish Agarwal's Ola Electric Mobility has been in the news after reports of service quality issues with its electric scooters. Shares of the company also declined since its listing in the market. Now, on Monday, Ola Electric shares slumped by 8.30 per cent to Rs 90.82. The slide in the shares also came after a war of words broke out between Bhavish Agarwal and stand-up comedian Kunal Kamra on Sunday on social media platform X over the after-sales and service quality.
Sliding for the third straight day, the stock of the company earlier 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. However, it closed at Rs 90.82 on October 7. The market cap of the company has now dropped to Rs 40,059 crore.
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. However, 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.
READ | Zomato CEO Deepinder Goyal's wife becomes delivery agent for a day, video goes viral
On Sunday, a controversy started when Kamra and Agarwal when the former responded to a post on X by Ola CEO, 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.
(With inputs from PTI)
