Ola Electric share price jumps 4% after resolving 99.1% complaints from CCPA

Early on Tuesday, Ola Electric Mobility’s stock price increased by more than 4% after the business declared that it had addressed the majority of the Central Consumer Protection Authority’s (CCPA) objections. On the BSE, shares of Ola Electric surged up to 4.45% to a peak of ₹85.30 per.

According to the manufacturer of electric two-wheelers, it addressed 99.1% of the 10,644 complaints that the CCPA received.

The company’s statement follows the CCPA’s October 7 show-cause notice, which accused it of engaging in unfair trade practices, deceptive advertising, and violations of consumer rights.

The authorities gave the business fifteen days to reply to the show-cause notice. The date of the deadline was October 22.

Separately, stand-up comedian Kunal Kamra and Ola CEO Bhavish Aggarwal are still engaged in a fierce verbal sparring match on social media. The business has now been ridiculed by Kamra once more, this time for supposedly “hiring bouncers” at its service locations.

After a social media post about Ola “hiring bouncers” surfaced, Kamra rushed at Bhavish Aggarwal. Kamra made fun of Ola’s lack of openness about consumer concerns last week. The comedian had previously attacked Aggarwal on social media, pointing out the company’s inability to settle unresolved refund issues and growing customer complaints.

Ola Electric Stock Price

In just one month, the price of Ola Electric’s stock has dropped by more than 25%. In August 2024, the company’s stock market debut was flat. The NSE listed Ola Electric’s shares at ₹76 per, which was the same as its offering price. On August 20, 2024, the stock reached a peak of ₹157.40 a share. But after reaching their peaks, Ola Electric shares were under pressure to be sold.

Ola Electric’s stock has increased by more than 12% since becoming public.

On the BSE, Ola Electric shares were up 0.94% at 82.43 a share at 10:40 a.m.