Mumbai . Ola Electric's share price saw a huge fall of up to 4 percent on Monday. Due to this, the share price reached below Rs 100 for the first time after listing.
In the trading session so far, shares of Ola Electric have touched a low of Rs 97.84 and a high of Rs 102.38.
At 1:36 pm, Ola Electric shares were down 3 per cent at Rs 99.10. The stock has seen a decline in 9 out of the last 11 sessions.
Including this fall, the share of Ola Electric has slipped by about 36 percent from its peak of Rs 157.4.
The decline in Ola's shares is a sign of increasing troubles for the company. After the listing in August, there was a huge rise in the company's shares and Ola Electric's shares gave a return of up to 107 percent in just two weeks of listing.
According to recent reports, a large number of customers are facing problems with Ola Electric's flagship EV scooter series S1. This includes software glitches, lack of spare parts and long waits at service centres.
Ola Electric works on a directtocustomer model. The company runs more than 500 experience centers and more than 430 service centers across the country.
Last Friday, the company had announced to increase the number of its centers to 1,000.
According to Rajesh Sinha of financial services firm Bonanza, there have been fluctuations in the company's shares after the listing. The reason for this is increasing competition, decline in EV sales and service related issues.
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Image Credit: KhasKhabar.