Shares of Ola Electric were trading flat on Thursday after an incident of arson took place at one of its showrooms in Karnataka. The company has issued a statement condemning the act.

What Happened: A disgruntled Ola customer set the company’s showroom on fire in Kalaburagi city after not receiving support for his newly purchased vehicle. The customer reportedly approached the company several times but was dissatisfied with their response.

The Bengaluru-based firm said that a first information report (FIR) has been launched against the accused. He has been arrested and an investigation is underway.

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“We at Ola highly condemn such unlawful acts, and will take l necessary legal measures to ensure that appropriate and strict actions are taken in this matter,” the company said in its statement.

Brokerage Views: HSBC has also expressed concern over the company losing its market share. The recent loss in market share may be attributed to the increased availability of low-cost variants from competitors, the brokerage said. If the current market share trend continues, it could lead to a 15%-20% downside risk to its volume estimate for FY25-26.

At the end of August, the company’s market share saw a huge drop to 31% from the 49% share it held at the end of the June quarter.

Despite the warnings, HSBC maintained its “buy” call for the company with a target price of ₹140, which represents a 24% upside from its current market price.

Price Action: Ola Electric was trading flat at ₹113.07 on Thursday morning.

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