OLA Electric shares slipped almost 9% to an intra-day low of Rs 90.26. The company has been attracting a lot of bad reviews regarding its products. Recently, Comedian Kunal Kamra and OLA’s founder Bhavish Aggarwal were involved in a heated argument on X.com (formerly Twitter).
“Comedian ban na sake, chaudhary banne chale. Do your research better next time. And the offer to come and help us out in our service centre remains open. Take up the challenge. Maybe you’ll learn some real skills for a change,” tweeted Aggarwal. Kamra earlier tweeted, “So you can’t offer a 100 per cent refund to people who have purchased your OLA in the last 4 months who are genuine customers… But you want to pay me who’s not a customer.”
The company has been seeing backlash for quite some time over the quality of its products.
OLA Electric IPO Details
The company’s shares were listed on August 09 and made a flat debut. However, the stock was on an uptrend, hitting the upper circuit of 20% for the next three trading days. As of now, the stock is down 74% from its peak of Rs 157.40. The company raised a sum of Rs 6,154 crore through IPO, with a combination of new shares and an offer for sale. The issue was subscribed 4.27 times, receiving robust interest from investors. The company’s IPO price band ranged between Rs 72 to Rs 76 per equity share.
OLA Electic Mobility’s Q1 Performance
OLA Electric Mobility reported a consolidated net loss of Rs 347 crore in Q1 FY25, which was widened from Rs 267 crore reported a year ago in the same period. Its revenue from operations stood at Rs 1,644 crore for the quarter, up 32.3% on year compared to Rs 1,243 crore reported in the same quarter a year back.
OLA Electric Vs Nifty 50
The stock of the company has fallen 10% in the past five trading sessions and 21% in the last one month.
To compare, the benchmark index Nifty 50 has fallen almost 5% in the last five trading sessions. The index has erased 0.4% in the past one month.