Indian tech giant Ola Electric is facing major backlash following a show cause notice from the Central Consumer Protection Authority (CCPA) for a slew of customer complaints about service deficiencies. The notice comes after reports of Ola receiving over 10,000 complaints in just one month. The situation escalated when Indian comedian Kunal Kamra called out Ola CEO Bhavish Aggarwal on social media, leading to an acrimonious exchange. This backlash has also led to a drop in Ola's stock price, raising questions about the company's handling of these issues.
In what has been seen as a stellar debut, Ola Electric has seen its stock soar by 71% in just three days since its listing on the bourses. The market capitalisation has grown to over ₹51,000 crore, thanks to an IPO that mostly met expectations, according to industry experts. In fact, as leaders in the electric two-wheeler sector, holding a 35% market share, exciting times are ahead for investors in the company.
Ola Electric's much-anticipated IPO has already shown strong performance on the stock markets, with its shares surging 41.07% since listing on Friday. Today, the company's shares saw a 20% surge, hitting an upper circuit of Rs 109.41. The company has also announced its first board meeting on August 14, where they will reveal their first quarter results for the financial year 2025. Despite a lukewarm response to the IPO, Ola Electric's anchor investors include big names like Nomura, HDFC Mutual Fund, and SBI Mutual Fund.
Ola Electric, the first Indian electric two-wheeler manufacturer to go public, is gearing up to launch its IPO next month. The IPO will include a fresh issue of shares worth ₹5,500 crore and an offer for sale of 645.56 equity shares. Ola Electric is expected to have a GMP of 16% before its opening, with the IPO set at a price band of ₹72-76 per share. The company's shares will be listed on both the BSE and NSE on August 9, marking a significant milestone in the Indian electric vehicle industry.