Ola Electric Share: Shares of Ola Electric Mobility Limited have fallen to an all-time low today. It hit a lower circuit of 4.39% during trading today.

Ola Electric shares fell sharply, hitting a 4% lower circuit

Ola Electric Share: Thursday appears to be a bad day for Ola Electric Mobility Ltd. Shares fell to their lowest level ever. During trading, Ola Electric shares fell 4.39% to trade at 36.36, the stock's lowest level since its listing. 
 

The sale is half over

The company today launched its Reboot service to clear its after-sales backlog. Ola's two-wheelers began experiencing issues as early as September last year. Most complaints were related to scooter fires, flat tires, or broken scooters.

When the number of complaints surpassed 100,000, the company began to take it seriously, as reports indicated that its sales in the electric two-wheeler market had reached their lowest level in 36 months. In order to boost sales and improve its position, the company launched the Reboot service.

No more problems with servicing

The company's CEO, Bhavish Aggarwal, has taken a major step to address pending repairs and improve spare-part availability for the electric scooter base, deploying a 250-person rapid-response team consisting of technicians and operational specialists.

The core leadership will lead the team. The company aims to completely transform the way electric two-wheelers are serviced in India. This team will not only address issues with the scooters but also address any battery-related problems. This effort is also being made to reduce service waiting times.

There was a decline yesterday as well

Ola's stock fell by 5% on Wednesday, and the situation remained the same today. Ola Electric Mobility shares have fallen by 26% in just one month. Yesterday, the stock fell to 38, and today it has reached its lowest level. This decline is due to deteriorating investor sentiment regarding the company's business.