Ola Electric‘s share price has been on a consistent downturn over the past few weeks. Shares of the company are tanking sharply today hitting an intraday low of ₹82.10 — dangerously close to its IPO issue price of ₹76.

What Happened: Earlier in the month, the company’s CEO Bhavish Aggarwal was engaged in an ugly spat with comedian Kunal Kamra on social media platform X.

The comedian took to X to highlight the growing complaints about Ola Electric’s service quality, questioning the company’s treatment of Indian consumers. In response, Aggarwal lashed out, offering to pay Kamra more than what he would make from his “failed comedy career” if he could help resolve the issues, accusing the entertainer of being paid to target the company.

Aggarwal’s response drew widespread criticism, with many disapproving of his handling of the situation. Several influencers also revealed they were approached last month to post paid tweets in support of the company.

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The Numbers: Since then, the stock has ended lower in most sessions. The Ola Electric share price has gone down around 16%. The company’s market cap was around ₹43,730 crore on Friday, October 4. On Monday, the company’s market cap sat at around ₹36,660 crore — a drop of around ₹7,000 crore.

Several factors are said to have contributed to the fall, including a moderation in the company’s sales and an increase in complaints about the company’s service. It has also been under some fire from regulatory agencies.

The Automotive Research Association of India (ARAI) raised concerns about Ola Electric’s pricing practices, specifically its failure to notify the body about a price cut for the S1 X 2 kilowatt-hour model ahead of the "BOSS" sale.

However, in a letter to BSE on October 15, Ola Electric said that it has responded to the letter stating that it hasn’t changed the price of the S1 X 2KWh but is offering a ₹5,000 general discount and a limited ₹25,000 discount to a few customers during a festive campaign with restricted inventory.

Additionally, the Central Consumer Protection Authority (CCPA) issued a show-cause notice to Ola Electric, accusing it of consumer rights violations, misleading advertisements, and unfair trade practices.

Price Action: Ola Electric’s share price was down 5% to trade at ₹82.43 in the late hours of trading on Monday.

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