Ola Electric Mobility shares fell as much as 9.4% to ₹89.55 in intraday trading on October 7, 2024, before closing 8.3% lower at ₹90.75, according to The New Indian Express. The decline came after a public exchange between Ola founder and CEO Bhavish Aggarwal and comedian Kunal Kamra, amid contemporaneous concerns about customer service and competition. The reports establish timing and context, but do not show that the spat alone caused the stock’s fall.
What happened to Ola Electric shares on October 7, 2024?
The New Indian Express reported that the stock fell as much as 9.4% to ₹89.55 during intraday trading on the BSE on Monday, October 7, 2024. It then closed at ₹90.75, down 8.3% for the day. The outlet updated its report on October 8.
The intraday decline and closing decline describe different points in the same session: 9.4% was the reported maximum fall, while 8.3% was the reported loss at the close. The figures are attributed to The New Indian Express; the reporting cited here does not include an exchange price record for the session.
What happened between Bhavish Aggarwal and Kunal Kamra?
The Times of India reported on October 7 that the exchange followed a post by comedian Kunal Kamra featuring an undated photograph of dusty Ola scooters parked outside an Ola showroom. The post prompted customer complaints, according to the report, and led to a public back-and-forth with Ola founder and CEO Bhavish Aggarwal. The photograph’s date was not specified, so it should not be treated as evidence of when the scooters were pictured.
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The New Indian Express connected the exchange with complaints about poor after-sales service. In that sense, the dispute became a visible episode in a broader discussion about customer experience—not an isolated event with a proven, measurable effect on the share price.
Did the spat cause the 9.4% share-price fall?
The contemporaneous reports linked the stock’s decline to the public dispute and the complaints it brought into view, but they do not establish that the spat by itself caused the fall. A share-price move can reflect multiple concerns and market factors; the reporting also described wider worries about Ola Electric’s service quality, market share and intensifying competition.
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The Times of India quoted Kranthi Bathini, director of equity strategy at Wealthmills Securities, saying: “The current social media spat is going to have a medium to short-term impact.” That is one analyst’s opinion reported at the time, not a statistical estimate or a settled finding about what drove the October 7 move.
How does the October 7 price compare with Ola Electric’s IPO price?
Ola Electric’s official filing states that its shares listed on the NSE and BSE on August 9, 2024, at an IPO issue price of ₹76 per share. That is useful listing context, but it is not the October 7 trading price. The three figures represent distinct measures:
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| Figure | What it represents | Source |
|---|---|---|
| ₹89.55 | Reported intraday low on October 7, 2024; the New Indian Express reported a maximum decline of 9.4%. | The New Indian Express |
| ₹90.75 | Reported closing price on October 7, 2024, down 8.3% for the session. | The New Indian Express |
| ₹76 | IPO issue price per share; Ola Electric listed on the NSE and BSE on August 9, 2024. | Ola Electric Mobility Limited filing |
What the reports do—and do not—establish
The reports document a sharp one-day move and the public exchange that preceded it, against a backdrop of service complaints and broader business concerns. They do not isolate the impact of the exchange from other influences on trading, and they do not provide a general measure of how executive social-media disputes affect share prices. The figures are historical reports about October 7, 2024, not current market prices.
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