The Central Consumer Protection Authority has registered more than 10,000 grievances concerning various service shortcomings from the two-wheeler manufacturer.
Ola Electric, India’s leading electric two-wheeler manufacturer, has successfully addressed nearly all customer complaints lodged against it, according to a recent regulatory filing to the stock exchanges. This announcement follows the Central Consumer Protection Authority (CCPA) bringing to the company’s attention over 10,000 complaints regarding various service deficiencies.
In his statement to the exchanges, Harish Abhichandani, the Chief Financial Officer of Ola Electric, stressed the company’s dedication to customer satisfaction. He noted that Ola Electric maintains a strong system for handling any complaints related to their vehicles. He further highlighted that out of the 10,644 complaints received from the CCPA, 99.1% were resolved to the complete satisfaction of the customers, showcasing the efficacy of the company’s redressal system.
Despite the positive news about customer complaint resolution, Ola Electric’s shares continue to struggle on the stock market, marking a downward trend for the fourth consecutive session. By the close of trading, the company’s stock price had fallen to Rs 81.66, a sharp decline of 48.16 per cent from its peak of Rs 157.53 recorded on August 20, 2024, although it still remains 7.45 per cent above its initial listing price of Rs 76.
The stock’s recent performance has been affected by various factors, including allegations of consumer rights violations, misleading advertisements, and unfair trade practices, which were noted following the CCPA’s notice.
In addition to these challenges, Ola Electric reported an increase in its consolidated net loss for the first quarter of the fiscal year 2025 (April-June), which escalated to Rs 347 crore from Rs 267 crore in the corresponding period of the previous year. This financial setback adds to the pressures facing the company as it navigates through regulatory challenges and market expectations.
