Ola Electric Gets jolt, Market Share declines to to 18 Percent, TVS Motor, Bajaj Auto Gains

At the beginning of last year, Ola Electric’s market share was more than 50 percent. a media Report According to , Bajaj Auto and TVS Motor have left Ola Electric behind in the segment. These two companies together have a market share of 48 percent. The market share of Ather Energy has increased to 14.2 percent. Ola Electric is facing trouble due to a large number of complaints from customers regarding service deficiencies. The Central Consumer Protection Authority (CCPA) has again sought information in this regard from the company.

Last month also CCPA had sent a letter to Ola Electric asking for this information. The Karnataka High Court had given the company six weeks to respond to the CCPA’s previous letter. Earlier, Ola Electric was warned by the markets regulator for violating the rules related to disclosure. The warning came as the company’s chief, Bhavish Aggarwal, made an announcement on social media about important information ahead of its filing with the stock exchange.

The Securities and Exchange Board of India (SEBI) had sent an email regarding administrative warning to the company. Ola Electric also got a big blow from the Karnataka High Court. The High Court had refused to dismiss a notice issued by CCPA. This notice was given as part of the investigation against the company. In this, additional documents were sought after more than 10,000 complaints from customers regarding Ola Electric’s electric scooters. The High Court had said that this notice has been issued by a competent investigating officer and the company will have to provide the sought documents. The CCPA had conducted a preliminary investigation into a large number of complaints against Ola Electric. In this, violations related to violation of customers’ rights, misleading advertising and deficiencies in service were found.