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Ola Electric's market cap falls below $5 billion for the first time since listing

Economic Times · 7m

- Ola Electric's market capitalisation fell below $5 billion for the first time since its listing in August. - Customer complaints about after-sales service, software glitches, and hardware problems have contributed to the decline in Ola's scooter sales. - Ola's chief executive officer, Bhavish Aggarwal, responded strongly to comedian Kunal Kamra's comments on service issues with Ola's e-scooters. - Last month, Ola's market share in the domestic electric two-wheeler segment dropped to 27.9%, while competitors like Bajaj Auto, TVS Motor, and Ather Energy recorded market shares of 21.4%, 20.2%, and 14.8% respectively. - Ola Electric plans to double its service centers to 1,000 by December as part of its 'Hyperservice' campaign. - Ola Electric's share price has dropped more than 42% from its listing high of Rs 157.5.