Ola Electric‘s share price tanked on Monday morning going down close to 9% to hit an intraday low of ₹90.26. The share is now trading below the levels it achieved on listing day.

What Happened: Shares of the company have been under pressure over the past few weeks. In the last 30 days, the stock has dropped around 20%. The company has been dealing with declining sales and mounting service complaints.

The company's market share is now down to 28% from 49% at the end of the June quarter. Legacy player Bajaj Auto is slowly catching up to Ola. The former clocked sales of 17,570 electric two-wheelers in September, holding a 21.4% market share.

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Ola CEO Bhavish Aggarwal was engaged in a heated exchange on social media platform X earlier on Sunday. Comedian Kunal Kamra took to X to address the rising complaints against Ola Electric's service quality. He questioned the treatment of Indian consumers.

Aggarwal responded to Kamra, offering to pay him more than his earnings from his "failed comedy career" if he could help resolve the issues. He added that the comedian was targeting his company because he was paid to do so.

Many have criticised the founder for his handling of the criticism. Several influencers also came forward saying they were being asked to make paid tweets in support of the company last month.

Price Action: Ola Electric’s share price was down 7.43% to trade at ₹91.69 shortly after market open on Monday.

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