Ola Electric reported its September quarter results on Friday after market close.

What Happened: Bhavish Aggarwal led company posted a net loss of ₹495 crore in the quarter compared to a net loss of ₹524 crore in the previous year. The electric scooter maker’s revenue from operations gained 39.06% to ₹1,214 crore in the quarter.

In its June quarter results, Ola Electric posted a net loss of ₹347 crore and a ₹1,644 crore revenue.

In October, Ola Electric posted 41,605 units sales, increasing by 74% from the previous year. 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 EV company has been under the pump due to mounting consumer complaints which resulted in the Central Consumer Protection Authority (CCPA) sending a show-cause notice to the company for violating consumer rights, running misleading ads and unfair trade practices.

The company’s stock had also fallen below its IPO price and fell to its all time low on Friday.

Price Action: Shares of Ola Electric closed 2.47% down to ₹72.72 on Friday.

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