Ola Electric has taken a significant step to address the rising number of service-related complaints by forming a new service team. With an influx of around 80,000 customer complaints per month, the company is struggling to keep up with the demand for service, leading to long wait times and growing dissatisfaction among customers.
Addressing Service Challenges
Bengaluru-based Ola Electric is overwhelmed with service complaints, which can reach 6,000 to 7,000 on peak days. This has strained its service centers, leading to overworked staff and slow resolution times. The mounting customer frustration became particularly evident after a recent incident in which a dissatisfied customer set fire to an Ola showroom. The customer claimed that their electric bike repeatedly developed issues, and the service team failed to address the problem in a timely manner.
Stock Surge Following Announcement
Despite these challenges, Ola Electric Mobility Ltd saw a surge in its stock price, with shares rising by 10%, reaching the upper circuit limit. The stock increased by 9.71%, settling at INR 118.10 on the BSE, and peaked at INR 118.40, the highest permissible trading limit for the day. On the NSE, shares also surged to INR 118.36, marking a 10% increase. Ola Electric’s market valuation now stands at INR 52,091.90 crore.
Strong IPO Performance
Ola Electric’s initial public offering (IPO), valued at INR 6,145 crore, was a success, receiving 4.27 times subscription last month. The share sale was priced between INR 72 and INR 76 per share. Since its listing on August 9, 2024, the company’s stock has risen by 55.39%, starting from an issue price of INR 76.
Ola Electric’s Growth in the EV Market
As a manufacturer of electric vehicles and components such as battery packs, motors, and vehicle frames, Ola Electric continues to be a prominent player in India’s growing electric vehicle market. The company is focusing on improving customer service and expanding its capabilities as it navigates both the challenges and opportunities within the EV industry.
