Key Highlights
Ola Electric, a prominent e-scooter manufacturer in India, encountered a 9% decrease in itsstock price on Monday following a public altercation involving the company’s founder, Bhavish Aggarwal, and renowned comedian Kunal Kamra.
The controversy arose when Indian comedian Kunal Kamra shared an undated photograph with his 2.4 million followers on X, depicting numerous e-scooters covered in dust outside an Ola showroom. This image triggered a deluge of online complaints from other dissatisfied customers.
Despite commanding a 27% market share in India’s e-scooter market, Ola has suffered a 43% decline in its stock price since its noteworthy stock market debut in August. The company has been grappling with escalating discontent on social media platforms due to service quality issues, and analysts have raised concerns about its diminishing market share, which has been on a downward trajectory for five consecutive months amidst heightened competition and service-related challenges.
In response to the recent social media dispute, Kranthi Bathini, director of equity strategy at Wealthmills Securities, commented on its impact, noting that consumer complaints on social media can indeed affect a company. According to Bathini, the ongoing social media conflict is expected to have a medium to short-term impact. Ola has not yet responded to a request made on Monday.
The controversy began when comedian Kunal Kamra shared an image on social media showing Ola Electric scooters covered in dust outside a dealership, presumably waiting for servicing. Ola Electric’s CEO, Bhavish Aggarwal, retaliated by accusing Kamra of receiving payment to post disparaging content about the company on X (formerly Twitter).
Aggarwal challenged Kamra, stating, “Since you care so much Kunal Kamra, come and help us out! I’ll even pay more than you earned for this paid tweet or from your failed comedy career.”
He also mentioned that Ola is rapidly expanding its network and that backlogs will be resolved promptly.
Kamra retaliated by referring to Aggarwal as an “arrogant, substandard pr*ck,” to which the CEO responded, “Chot lagi? Dard hua? Aaja service center. Bahut kaam hai. I will pay better than your flop shows pay you.” Aggarwal once again invited the comedian to join an Ola Electric service center.
The impact of consumer complaints on social media should not be overlooked. Ola Electric’s response to recent challenges and the social media dispute involving Bhavish Aggarwal and Kunal Kamra was heated. Both parties could have taken a more diplomatic approach. It’s important for companies, public figures, and individuals to address criticisms professionally and considerately.ELCTRIK Speaks
