Ola Electric, India's largest electric two-wheeler maker, has addressed 99.1% of the complaints against it to the satisfaction of the customers through its redressal mechanism, the company reported in a regulatory filing to the stock exchanges. This action was taken after the Central Consumer Protection Authority (CCPA) notified the company about more than 10,000 complaints it had received regarding various service deficiencies.
Harish Abhichandani, Chief Financial Officer at Ola Electric, in his response to the exchanges said, "We wish to reiterate that Ola Electric has a robust mechanism to address complaints raised concerning 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 company's shares were in the red today, continuing their downward spiral for the fourth consecutive session. At the close of the market hours, the stock closed at Rs 81.66, down by 48.16 percent from its all-time high of Rs 157.53, as seen on August 20, 2024, and up by 7.45 percent from its listing price of Rs 76.
The Ola Electric stock has been under pressure due to alleged violations of consumer rights, misleading advertisements, and unfair trade practices following the CCPA notice.
According to the data published by the company, in the April-June quarter (Q1 FY25), the company's consolidated net loss increased to Rs 347 crore from Rs 267 crore the previous year.