Ola Electric Mobility share price today jumped over 4% in early trade on Tuesday after the company announced that it resolved most of the complaints received from the Central Consumer Protection Authority (CCPA). Ola Electric shares spiked as much as 4.45% to a high of ₹85.30 apiece on the BSE.
The electric two-wheeler maker said it resolved approximately 99.1% of the 10,644 complaints received from the CCPA.
“We wish to reiterate that Ola Electric has a robust mechanism to address complaints raised with respect to our vehicles. In fact, we wish to emphasize that out of 10,644 complaints that we received from the CCPA, 99.1% of the complaints were resolved to the complete satisfaction of the customer as per Ola Electric’s robust redressal mechanism,” Ola Electric Mobility said in a regulatory filing on October 21.
The company’s statement comes in response to a show-cause notice issued to it by CCPA on October 7 for alleged violation of consumer rights, misleading advertisement and unfair trade practices.
The authority provided a timeline of 15 days to the company to respond to the show cause notice. The deadline was set on October 22.
In a separate development, the ongoing social media war of words between Ola CEO Bhavish Aggarwal and stand-up comedian Kunal Kamra remains heated. Kamra has now once again mocked the company, this time for allegedly “hiring bouncers” at its service centres.
Kamra charged at Bhavish Aggarwal after a post on Ola “hiring bouncers” emerged on social media. Last week, Kamra mocked Ola’s lack of transparency regarding customer complaints. Earlier, the comedian had criticized Aggarwal on social media, highlighting the company’s failure to address increasing customer grievances and unresolved refund issues.
Ola Electric stock price has fallen over 25% in one month. The company made a flat stock market debut in August 2024. Ola Electric shares were listed at ₹76 apiece on the NSE, at par with its issue price. The stock touched a high of ₹157.40 apiece on 20 August 2024. However, Ola Electric shares came under selling pressure from its highs.
Since its listing, Ola Electric shares are up over 12%.
At 10:40 am, Ola Electric shares were trading 0.94% higher at ₹82.43 apiece on the BSE.
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