Amid the cacophony that devoured Ola Electric and its shares, thanks to the online altercation between Ola and Krutrim boss Bhavish Aggarwal and comedian Kunal Kamra, Ola attained all the negative publicity that it could in the span of the day. The company shares even dropped by over 8 per cent in the intraday trade on October 7.

Ola's PR Fiasco

Apart from the PR fiasco, which started with Kamra invoking concerns over safety of Ola E-scooters shunted away for repair purposes, the the Central Consumer Protection Authority or the CCPA, also served a show cause notice over poor conditions retained at Ola facilities.

CCPA Notice

As per reports, the CCPA said that Ola Electric "appears to be in violation of several provisions of the Consumer Protection Act, 2019," the showcase notice read, taking note of the complaints by consumers related to manufacturing defects, partial or no refunds on booking cancellations, recurring defects despite servicing, overcharging, inaccurate invoices, and multiple issues with batteries and vehicle components.

The day of October 8 started for the company cataclysmic note, with Ola Electric shares plummeting by over 2 per cent in the early hours of the intraday trade on Tuesday. The stocks opened at Rs 86.00, hit the high of Rs 93.78; it even slumped to a low of Rs 86.00.

Ola Shares Rise

However, this gloomy sea of red did not last for long, as investors funnelled their resources into the company. The company shares rebounded sharply within the span of an hour. The company shares surged past the 3 per cent gain mark.

At 11:20 IST, Ola Electric Mobility Ltd shares jumped back on their feet and rose by 3.03 per cent or Rs 2.75. This took the overall value of the Bengaluru-based company's shares to Rs 93.57 per piece.

In the past 5 trading sessions alone, the company stocks have lost close to 7 per cent of their value. Ola Electric debuted in August of this year at Rs 76, its issue price, and then increased to Rs 157.4.