Ola Electric Mobility’s share price rose over 4% in early trade on Tuesday after the company announced that it had resolved most complaints received from the Central Consumer Protection Authority (CCPA). The stock spiked as much as 4.45%, reaching a high of ₹85.30 on the Bombay Stock Exchange (BSE).
Resolution of Complaints
The electric two-wheeler manufacturer said that it had successfully resolved approximately 99.1% of the 10,644 complaints received from the CCPA. In a regulatory filing dated October 21, Ola Electric emphasized its robust mechanism for addressing customer complaints.
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“Out of 10,644 complaints that we received from the CCPA, 99.1% were resolved to the complete satisfaction of the customer,” the also company stated.
Stock Performance
Despite the recent surge, Ola Electric’s stock price has fallen over 25% in the past month. The company had a flat debut in the stock market in August 2024, with shares listed at Rs 76 apiece on the National Stock Exchange (NSE), equal to its issue price.
The stock peaked at Rs 157.40 on August 20, 2024, before facing selling pressure. Since its listing, Ola Electric shares have gained over 12%.
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Technical Outlook on Ola Electric Stock
Commenting on the technical outlook Anshul Jain, Head of Research, Lakshmishree Investment & Securities said that the Ola Electric’s stock has been on a sharp decline since reaching its post-IPO high of Rs 150, now approaching its IPO low of Rs 76.
Jain also added with a weak structure and heavy selling pressure driving high volumes, the outlook appears bearish. Investors may want to consider exiting their positions and reallocating funds into more fundamentally strong stocks for better growth opportunities.
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