Ola Electric stock drops 9.1% as customer complaints rise and market share declines

Ola Electric's stock dropped 9.1% on Monday, reaching ₹89.14, marking a market cap below $4.75 billion for the first time since its IPO in August. The shares have fallen over 40% from their peak of ₹157. Customer complaints about scooter reliability and service have surged, with over 80,000 complaints reported monthly. Analysts noted that service centers are overwhelmed and lack sufficient investment, skilled staff, and equipment to meet demand. Ola Electric's market share has also declined sharply, from 49% in June to 27% by September. Competitors Bajaj and TVS are increasing their presence in the electric vehicle market, each now holding over 20%.