Ola Electric‘s share price rebounded strongly on Tuesday, going up around 4% to hit an intraday high of ₹85.29. The stock is set to halt a four-straight session losing streak.

What Happened: The stock was upbeat as the company responded to the show cause notice issued by the Central Consumer Protection Authority (CCPA). The notice, received earlier this month, ordered the company to provide necessary clarifications and information to the CCPA about alleged consumer rights violations.

Ola Electric, in its response, emphasised its commitment to addressing customer complaints, stating that it has a robust mechanism in place for this purpose.

“Out of 10,644 complaints that we received from the CCPA, 99.1% of the complaints were resolved to the complete satisfaction of the customer as per Ola Electric's robust redressal mechanism,” the company stated in the letter.

See Also: What’s Going On With Tata Motors Share Price Today

The authority had alleged Ola Electric of violating consumer rights, running misleading advertisements, and unfair trade practices. The company was given fifteen days to respond to the notice.

The company also reiterated its commitment to fully cooperate and ensure compliance with all regulatory requirements.

Ola Electric’s share price has remained under pressure over the past few weeks. The shares of the electric vehicle (EV) major have dropped about 47% from their record high.

Last week, Ola Electric refuted allegations of changing the price of its Ola S1 X 2 kilowatt-hour model amid ongoing regulatory scrutiny.

Price Action: Ola Electric’s share price was up 3.06% to trade at ₹84.15 shortly after market open on Tuesday.

Read Next: Tata Motors, HUDCO, L&T Are This Analyst’s Diwali Picks: Here’s Why

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.