Electric Wave In response to customer complaints against it, 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 ‘defects’ 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 also heads the Bureau of Indian Standards (BIS). An order in this regard was issued on November 6 and the Director General of the BIS was asked to submit the investigation report within 15 days.
He was asked to submit the report within 15 days.
A senior consumer ministry official said the company 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. The measure comes following 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 violations of consumer rights, misleading advertising and unfair trade practices. The company had given the notice on October 21, saying it had resolved 99.1 percent of the 10,644 complaints filed with the CCPA.
Ola Electric’s market share continues to fall
In the first quarter of the current financial year 2024-25, Ola Electric had a 49 per cent share in the electric two-wheeler market, which was the best in the company. But after this, there is a continuous decline in the company’s market share. In July 2024, the company’s market share increased to 39 percent, then in August, Ola Electric’s market share decreased to 31 percent. This trend of declining market share continued in September as well and in September 2024, the company’s market share dropped from 31 percent to 27 percent. In such a situation, Ola Electric’s rival companies like Ather, TVS, Bajaj and Hero are reaping all the benefits.
The share price went from Rs 157 to Rs 70.
We tell you that Ola Electric has recently gone public. Ola Electric’s IPO opened on August 2 and closed on August 6. The company had allotted shares at a price of Rs 76 in its initial public offering. The company went public on August 9 and from the first day there was a huge increase in its shares. Ola Electric shares had reached the price of Rs 157.40 on NSE on August 20. But since then the company’s shares have been falling continuously. On November 14, the share price fell to Rs 70.12.
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