Ola Electric‘s shares were sliding in the bourses on Monday even as the company regained its market share in October.

What Happened: The Bengaluru-based electric vehicle manufacturer reported sales of 41,605 units in October 2024, marking a 74% increase compared to the previous year, according to data from the Vahan Portal.

The company said it sold over 50,000 units during the month, capturing a 30% share of the electric two-wheeler market recovering from its fall to a 28% market share in September.

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The company has been pressured by rising criticism over consumer complaints stacking up with the Central Consumer Protection Authority (CCPA) serving a show cause notice to the company accusing it of violating consumer rights, running misleading advertisements and unfair trade practices.

Last month shares of the company sank below its listing price of ₹76, 50% from its all-time high of ₹157.40 in August. The shares of the company have gone down by over 12% since it was listed on August 9.

The company has reportedly ramped up its service offerings to deal with the rise in complaints. The company has boosted capacity in service centres across the country by over 30%, according to a report by The Economic Times.

The company has reportedly opened more than 50 new service centres and hired over 500 service technicians at both new and existing locations to enhance operations and address all backlogs.

Price Action: Shares of Ola Electric tanked 3.37% to ₹80.05 on Monday morning.

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