Ola Electric Has Reported That 99.1% of Complaints Received From the CCPA Have Been Resolved

Ola Electric Mobility has made progress in addressing customer grievances, as the company announced that it has resolved 99.1% of the 10,644 complaints lodged with the Central Consumer Protection Authority (CCPA).

Complaint Breakdown

The complaints varied in nature, with 3,364 related to slow service and repairs, 1,899 concerning delayed deliveries of Ola’s scooters, and 1,459 complaints regarding unfulfilled service promises. Additional issues included misleading advertisements, which overstated the performance and availability of their products. Ola Electric responded promptly, citing a robust complaint redressal mechanism that has now resolved nearly all the complaints.

“We emphasize that out of the 10,644 complaints we received, 99.1% have been resolved to the satisfaction of the customer,” said Harish Abichandani, Ola’s CFO, in a regulatory filing. This announcement came just ahead of the CCPA’s deadline, set for October 22, 2024, after the authority issued a show-cause notice to the company for alleged unfair trade practices and misleading advertisements earlier this month.

Stock Performance & Market Sentiment

Since its IPO in August 2024, Ola Electric shares have seen turbulent times, initially peaking at Rs.157.40 apiece before declining significantly. Over the past month, the stock has dropped over 25%. However, the resolution of these consumer complaints could help stabilize market sentiment. 

Bhavish Aggarwal vs Kunal Kamra: A Social Media Spat

Adding to the company’s attention, a public spat between Ola CEO Bhavish Aggarwal and stand-up comedian Kunal Kamra has fueled further discussion about the company’s customer service issues. Kamra, a vocal critic, mocked the company’s handling of complaints, which led to an exchange between the two on social media.

Ola Electric, the electric two-wheeler manufacturer’s stock responded positively to the news, jumping 4.45% to Rs.85.30 in early trade today, on Tuesday, October 22.

Conclusion: Despite facing challenges, Ola Electric’s proactive response to resolving customer complaints shows how they are trying to improve service quality. While the stock continues to recover from its dip, the company’s focus on customer satisfaction and regulatory compliance could play an important role in restoring investor confidence.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.