The shares of Bhavish Aggarwal led Ola Electric Mobility on Tuesday (October 22) saw a significant surge over 4 per cent in early trade after the company announced through an exchange filing on October 21 that it has addressed most complaints raised by the Central Consumer Protection Authority (CCPA).

Following this, today, the company stock surged as much as 4.45 per cent, reaching a high of Rs 85.30 on the Bombay Stock Exchange (BSE).

Response to Consumer Complaints

In a regulatory filing on October 21, the EV maker provided an update on its response to a show-cause notice issued by the CCPA.

The notice, related to customer complaints about Ola Electric's vehicles, had required the company to submit clarifications and information regarding the issues raised.

"We wish to reiterate that Ola Electric has a robust mechanism to address complaints raised with respect to our vehicles. In fact, we wish to emphasize that out of 10,644 complaints that we received from the CCPA, 99.1% of the complaints were resolved to the complete satisfaction of the customer as per Ola Electric’s robust redressal mechanism," the company through an exchange filing.

Stock Movement and Performance

Ola Electric’s stock was trading at Rs 82.50 by 1:55 PM IST, a modest gain of 1.02 per cent.

The stock had opened the day at Rs 83.98 and hit an intra-day high of Rs 85.29 apiece.

Despite the uptick in share price, the company’s stock has seen significant fluctuations since its debut in the market.

After a flat listing at Rs 76 per share on the National Stock Exchange (NSE) in August 2024, the stock spiked to Rs 157.40 by August 20 before entering a downward trend.

Over the past month, shares have dropped by over 25 per cent, though they remain up 12 per cent since their listing.