Ola Electric Mobility shares drop 6% following consumer rights notice

Ola Electric Mobility shares dropped 6.18% to Rs 85.21, marking a 46% decline from their recent high of Rs 157.53 on August 20. This follows a show cause notice regarding alleged consumer rights violations. The Central Consumer Protection Authority has given Ola 15 days to respond to the notice, which does not impose any penalties. Ola stated the notice will not affect its financial or operational activities. The company has faced over 10,600 complaints about service issues since September 2023, including delays in service and vehicle delivery. Despite this, Ola recently launched a festive sale campaign with significant discounts on its e-scooter models.