Ola Electric Mobility‘s shares have fallen below its listing price of ₹76 on Tuesday.

What Happened: Ola Electric’s shares have fallen 3.54% to an intraday low of ₹74.84 on Tuesday, sliding below the company’s listing price of ₹76. The shares have fallen 7% in the week and 50% from its all-time high of ₹157.40 in August.

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The company have been facing pressure due to rising service complaints against the company and show cause notice from the Central Consumer Protection Authority (CCPA) amid allegations of violating consumer rights, running misleading advertisements and unfair trade practices.

The shares had recovered slightly as the company responded to the regulator saying  99.1% of the complaints were resolved. In mid-October, the company also regained some of the market share in the two-wheeler electric vehicles by selling 15,672 vehicles by October 14, securing a 34% market share.

Recently, global brokerage HSBC kept its “buy” call on the stock while cutting the target price to ₹110 from ₹140. The brokerage noted slower-than-expected growth in electric two-wheeler adoption, increased competition and persistent service challenges as concerns for the company.

Price Action: Ola Electric Mobility’s shares were trading at ₹75.42, down 2.78%.

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