MUMBAI – Shares in SoftBank-backed Ola Electric Mobility, which leads India's fast-growing electric scooter market, fell sharply last week as the company faced multiple complaints about service quality.
The scooter maker's share price fell more than 3% to 87.46 rupees ($1.04) on Monday, days after local media reported last week that India's Ministry of Heavy Industries had ordered an audit of Ola service centers following mounting customer complaints. The stock has fallen more than 40% from its all-time high of Rs 146.03 on August 19.