Ola Electric shares fall over 8%, Bhavish gets into heated argument on X.com

Ola Electric shares today: The shares of the two-wheeler EV-maker Ola Electric Mobility fell as much as nearly 8 per cent on Monday, October 7 continuing the dwindling spree of losing market value. The shares of the company have fallen over 20 per cent since last month after making a stellar debut in the market. 

In other news, the co-founder and CEO of Ola Electric Mobility Bhavish Aggarwal got into a brash and heated argument with a comedian on X.com (formerly Twitter) after being criticised for lack of adequate service centres and no refunds to affected customers. 

As of 10:35 am on Monday, the shares of the company were trading at Rs 91.68 apiece with 7.37 points or 7.44 per cent downside. 

Ola Electric is actively promoting its S1 range of electric scooters amid a challenging phase. The company recently recorded its lowest sales figures for 2024, selling 23,965 units in September, marking the second consecutive month of decline. 

Since debuting on the stock market two months ago, Ola's market share has been on a downward trend, dropping from over 50 per cent in April to 27 per cent in September. This marks five straight months of shrinking market share.

During the same period, competitors TVS Motor and Bajaj Auto have been closing the gap. TVS has gained market share for five consecutive months, now holding 20 per cent, while Bajaj has seen growth for three straight months, reaching a 21 per cent share.