Suspense Crime Sach Ka Dam
Given the complaints received from customers against Ola Electric, the government has taken a big step. Let us tell you that the Central Consumer Protection Authority (CCPA) has ordered a detailed investigation into the complaints related to the alleged ‘flaws’ in the services and electric two-wheelers manufactured by Ola Electric. The Central Consumer Protection Authority (CCPA), headed by Nidhi Khare, has directed the Director General (Investigation) to investigate the matter. Khare is also the head of the Bureau of Indian Standards (BIS). The order in this regard was issued on November 6 and the BIS Director General has been asked to submit the investigation report within 15 days.
Asked to submit a report within 15 days
A senior official of the Ministry of Consumer Affairs said the company has responded to the notice. The CCPA has now asked the Director General (Investigation) to investigate the matter in detail and submit the report within 15 days. This step has been taken given the action initiated by the CCPA after receiving more than 10,000 complaints on the National Consumer Helpline (NCH). The regulator had issued a notice to Ola Electric on October 7, citing alleged violation of consumer rights, misleading advertisements, and unfair trade practices. The notice was responded to by the company on October 21, in which it said that it has resolved 99.1 percent of the 10,644 complaints lodged with the CCPA.
Continuous decline in Ola Electric’s market share
In the first quarter of the current financial year 2024-25, Ola Electric had a 49 percent share in the electric two-wheeler market, which was the best for the company. But after this, the company’s market share is continuously declining. In July 2024, the company’s market share fell to 39 percent, and then in August, Ola Electric’s market share fell to 31 percent. This trend of decline in market share continued in September as well and in September 2024, the company’s market share fell from 31 percent to 27 percent. In such a situation, rival companies of Ola Electric like Ather, TVS, Bajaj, and Hero are getting full benefit.
Share price came down from Rs 157 to Rs 70
Let us tell you that Ola Electric has recently been listed in the stock market. Ola Electric’s IPO opened on August 2 and closed on August 6. The company had allotted shares for Rs 76 under its IPO. The company was listed on August 9 and on the very first day, a huge increase was recorded in the company’s shares. Ola Electric’s shares on NSE touched a price of Rs 157.40 on August 20. But since then, the company’s shares have been continuously declining. On November 14, the share price fell to Rs 70.12.
