Ola Electric shares tank over 9% after a tweet; here is what happened

It started when Kamra responded to a post on X by Aggarwal, who posted a photo of Ola's gigafactory, by putting a picture of several Ola Electric scooters parked together seemingly waiting for servicing.

"Do Indian consumers have a voice? Do they deserve this? Two wheelers are many daily wage workers lifeline ...," Kamra wrote along with the photo.

Kamra tagged Union Road Transport and Highways minister Nitin Gadkari, asking: "Is this how Indians will get to using EV's?" The comedian also tagged the official handle of the Department of Consumer Affairs, Government of India, @jagograhakjago, seeking an answer saying "any word?" Kamra further wrote, "Anyone who has an issue with OLA Electric, leave your story below, tagging all...".

To this, Aggarwal responded, "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. Or else sit quiet and let us focus on fixing the issues for the real customers."

Aggarwal further said, "We're expanding the service network fast, and backlogs will be cleared soon."

Kamra then challenged Agarwal to "give a total refund to anyone who wants to return their OLA EV & who's purchased it in the last four months", saying he doesn't need his money but "people not being able to get to their workplace need your accountability".

"Show your customers that you truly care," Kamra asserted.

Agarwal hit back, "We have enough programs for our customers if they face service delays. If you were the genuine one, you would have known. Again, don't try and back out of this. Come and do some real work rather than armchair criticism."

Many Ola Electric consumers jumped into the spat and complained about the service quality of the company, asking Agarwal to address their issues.

Shares of electric two-wheeler company Ola Electric Mobility Ltd listed on a flat note in August 2024 against the issue price of ₹76, but later bounced back and jumped nearly 11%.

The stock made its debut at ₹75.99, marginally down by 0.01% from the issue price on the BSE. Later, it jumped 10.71% to ₹84.14.

On the NSE, shares of the firm listed at par with the issue price of ₹76. Later in the trade, the stock soared 10.80% to ₹84.21.

The ₹6,145-crore initial public offer of Ola Electric Mobility received 4.27 times subscription on the final day of bidding on Tuesday.

The initial share sale had a price band for the offer at ₹72-₹76 a share.

The initial public offering (IPO), the first by an electric vehicle maker, had a fresh issue of up to ₹5,500 crore and an Offer-for-Sale (OFS) of up to 8,49,41,997 equity shares.

According to its prospectus, Ola Electric Mobility (OEML) planned to utilise ₹1,227.6 crore out of the proceeds of its ₹5,500 crore public issue on capacity expansion of its cell manufacturing plant to 6.4 GWh from 5 GWh.

Shares of the company hit a record high of ₹157.53 on August 20.