Ola Electric shares in focus after resolving 99.1% of 10,644 complaints from CCPA

Ola Electric Mobility shares will be in focus on Tuesday after the company announced that it has resolved approximately 99.1% of the 10,644 complaints received from the Central Consumer Protection Authority (CCPA). In a stock exchange filing , the company said, "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." The announcement comes just a day before the October 22 deadline set by the CCPA.



On October 7, the authority issued a show-cause notice to Ola, demanding an explanation for the handling of numerous consumer complaints , giving the company 15 days to respond. Out of the total complaints, 3,364 pertained to slow service and repairs, 1,899 were related to delayed deliveries of Ola’s electric scooters , and 1,459 highlighted unfulfilled service promises, leading to widespread consumer dissatisfaction. Additional complaints pointed to misleading advertisements that exaggerated the performance, features, and availability of its products.

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1% on the BSE, while the benchmark Sensex fell 0.09%. Its shares have declined 26% in the last one month and 48% from their all-time high of Rs 157.

40, with the company currently holding a market capitalization of Rs 36,018 crore. In Q1 FY25, Ola Electric reported a 32% increase in revenue to Rs 1,644 crore, while its net loss widened to Rs 347 crore, compared to a loss of Rs 267 crore in the same period last year. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own.

These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel ).