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The recent public spat between Ola Electric's founder Bhavish Aggarwal and comedian Kunal Kamra has had a significant impact on the company's stock price, highlighting the delicate balance between public image and corporate responsibility. Ola Electric's shares experienced a steep 8% decline following the exchange, further exacerbating a downward trend that has seen the stock price drop 43% from its post-listing peak.
The catalyst for the controversy was Kamra's public criticism of Ola's service centers, which have been inundated with complaints from customers experiencing delayed repairs and malfunctioning scooters. Aggarwal, in a defensive reaction, accused Kamra of a 'paid tweet' and publicly attacked the comedian's professional success. The argument escalated on social media, with Aggarwal even offering Kamra a job at an Ola service station, further fueling public criticism of the company's handling of the situation.
The public spat has further fueled the negative sentiment surrounding Ola Electric, which has been battling concerns over the quality and performance of its electric two-wheelers. Government data reveals that the company's monthly sales reached their lowest point in September, a significant decline attributed to ongoing servicing network challenges and customer dissatisfaction. These issues raise serious questions about Ola Electric's ability to maintain its market dominance in the rapidly growing electric vehicle sector, especially in the face of increasing competition from established and emerging players.
This episode serves as a stark reminder of the importance of effective crisis management and responsible communication in today's interconnected world. While it's understandable for company leaders to defend their businesses, engaging in public spats with critics, particularly while facing significant operational challenges, can further erode public trust and damage a company's reputation. The fallout from this incident highlights the need for companies to prioritize customer satisfaction and to address concerns openly and constructively, avoiding inflammatory rhetoric that ultimately undermines their brand image and financial performance.
Source: Ola Electric Nosedives 8% Day After Bhavish Aggarwal-Kunal Kamra Spat