Ola’s shares have seen a dramatic drop following a public spat between the company’s CEO Bhavish Aggarwal and popular Indian stand-up comedian Kunal Kamra, who recently raised concerns about the quality of Ola Electric scooters. According to The Wall, the company’s stock initially fell by 43% and has now dropped by an additional 8%.
The controversy began when Bhavish Aggarwal shared a photo of Ola’s Giga Factory on social media, to which Kunal Kamra responded with a picture of several Ola Electric scooters undergoing repairs. Kamra’s caption questioned the quality of the scooters, asking, “Is this what Indian consumers deserve?” He further highlighted the importance of two-wheelers in the lives of India’s lower-income communities and tagged Union Minister for Road Transport Nitin Gadkari, seeking clarification on whether such battery-powered vehicles should be trusted by Indian consumers.
This sparked a heated exchange between the two. Bhavish Aggarwal retaliated with a sharp response, suggesting that Kamra should either help solve the issues or remain silent, offering him “more money than his failed career.” Aggarwal also mentioned that Ola is working to expand its service network as quickly as possible to address customer concerns.
The feud continues to unfold on social media, while Ola faces declining sales and stock value. In September, Ola sold 23,965 scooters, but soon after, complaints began to surface about hardware and system issues, leading to a sharp decrease in sales and the company’s share price.
