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Shares of Ola Electric Mobility plummeted 9.4% on Monday amid a heated public exchange between the company’s CEO, Bhavish Aggarwal, and comedian Kunal Kamra. The argument revolved around customer service issues regarding Ola’s electric scooters, and the fallout reflects larger concerns within the electric vehicle (EV) industry about customer satisfaction.
Customer Complaints Spark Public Feud
The altercation began when Kamra posted an image of an Ola dealership showing numerous scooters parked outside, apparently gathering dust. Kamra openly criticized the service provided by Ola, tagging Minister of Road Transport and Highways Nitin Gadkari, asking, “Is this how Indians will get to using EVs?” Kamra also reached out to the Department of Consumer Affairs, questioning their stance on the issue and encouraging other users with similar experiences to share their stories.
Kamra’s post quickly gained traction, amplifying discontent among Ola Electric’s customers. Many users in the comments section echoed frustrations over service-related issues, particularly with delayed repairs and poor after-sales support.
Aggarwal’s Response Draws More Criticism
In response to Kamra’s post, Ola Electric CEO Bhavish Aggarwal accused the comedian of promoting a “paid tweet,” escalating the exchange. “Since you care so much @kunalkamra88, come and help us out! I’ll even pay more than you earned for this paid tweet or from your failed comedy career,” Aggarwal retorted on X (formerly Twitter). He went on to claim, “We’re expanding the service network fast and backlogs will be cleared soon.”
However, Aggarwal’s comments did not land well with the public, as many viewed his tone as dismissive and arrogant. Several users pointed out that, instead of addressing the real concerns, Aggarwal deflected the issue. One user remarked, “Focus on customer service, take feedback in the right spirit, and work on improving your product if you want to stay in the game long term.”
Struggles Faced by Middle-Class Consumers
The conversation also highlighted the difficulties middle-class consumers face when investing in electric vehicles. One user commented, “Imagine a middle-class person saving 3-4 months of salary to buy an OLA, only for it to have problems in the first week and then park at your service center for days.”
This sentiment reflects a broader problem in the EV market, where companies like Ola are under pressure to deliver consistent performance while addressing service issues to maintain consumer trust. Delays in resolving issues can erode confidence, particularly when consumers make significant financial commitments to switch to electric vehicles.
Wider Fallout and Share Price Impact
The dispute had an immediate impact on Ola Electric’s stock price, which fell 9.4% to Rs 89.7 during intraday trade on the Bombay Stock Exchange (BSE). This marks a 43% decline from the company’s all-time high of Rs 157.5, though shares still remain 18% above the initial public offering (IPO) listing price of Rs 76.
Social media influencer Akash Banerjee, known as Bhakt Banerjee, also weighed in on the situation, criticizing Aggarwal’s handling of the issue. “Chot lagi? Dard hua? Ja service center. Bahut kaam hai,” Banerjee wrote on X. He added, “If you do not fix the problem of broken Ola scooters @bhash, then your stock will be a bigger flop than @kunalkamra88’s shows. Show your customers how much you truly care and whether you’re only gas and BS.”
Ola’s Financial Struggles
In addition to the public relations crisis, Ola Electric’s financial performance has been under scrutiny. For Q1 FY25, the company reported a 32% increase in revenue to Rs 1,644 crore. However, its net loss widened to Rs 347 crore compared to Rs 267 crore during the same period last year. This increase in losses, combined with growing consumer dissatisfaction, presents significant challenges for the company’s long-term prospects.
As more Indian consumers transition to electric scooters, companies like Ola Electric must prioritize strong customer service and transparent communication. While the feud between Bhavish Aggarwal and Kunal Kamra may have brought attention to the company’s issues, it also serves as a reminder of the importance of addressing customer concerns professionally. With a 43% drop in stock prices since its peak, Ola’s ability to navigate this crisis and improve its services will be crucial for regaining consumer trust and stabilizing its market position.
