Ola Electric Share Price Slumps To All Time Low Amid Service Reboot To Address After-Sales Backlogs

Shares of Ola Electric Mobility Ltd. have hit an all-time low, after the company initiated a major service reboot to address its after-sales backlogs.

Ola Electric's share slipped as low as 4.39% to trade at Rs 36.36, marking the lowest levels hit by the stock since listing.

The team comprises technicians and operational specialists led by the core leadership team, to clear pending repairs and improve spare-part availability for the company's fast-growing electric scooter base.

"The company's Hyperservice initiative is aimed at fundamentally transforming how electric two-wheelers are serviced in India. The company has nearly cleared service backlogs in Bangalore under this initiative, and will replicate this framework in other cities across the country," said a source involved in this service effort, on condition of anonymity.

The newly mobilised taskforce has been coordinating closely with service centres, backed by real-time communication channels to address all kinds of delays ranging from battery replacements to routine repairs, the source said.

As per Ola Electric founder Bhavish Aggarwal's social media posts, he has also been involved in these efforts on the ground. According to highly placed sources, internal targets have been set to dramatically reduce wait times as the company works to rebuild confidence and strengthen its position in India's competitive EV market.

Ola Electric shares are currently trading 3.87% lower at Rs 36.55 apiece, as of 11:26 a.m. This compares to a 0.31% advance in the NSE Nifty 50 Index.

The company's share price has fallen 57.38% on a year-to-date basis. Total traded volume so far in the day stood at 3.86 times its 30-day average. The relative strength index was at 39.86.

Out of eight analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 24.6%.