Ola Electric's market cap falls below $5 billion for the first time since listing
Ola Electric's market capitalisation slipped below $5 billion on Monday, the first time since it listed in August.
The Bengaluru-based electric two-wheeler maker's market capitalisation on the Bombay Stock Exchange (BSE) stood at $4.7 billion on October 7. After its debut on the bourses, at an issue price of Rs 76, the company’s market capitalisation had topped $7 billion.
Ola has been receiving customer complaints regarding after-sales service, software glitches and hardware problems, which experts say have contributed to the decline in sales of its scooters.
On Sunday, the company’s chief executive officer, Bhavish Aggarwal, had reacted sharply to comedian Kunal Kamra’s comment on microblogging platform X regarding service issues with Ola’s e-scooters.
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