Ola Electric’s stock has fallen 42% from its listing price, raising uncomfortable questions about India’s EV darling and the broader electric vehicle narrative. The company, which went public in August 2025 at a valuation of ₹34,000 crore, now trades at roughly ₹19,700 crore market cap.

Multiple factors have contributed to the decline. Customer complaints about after-sales service have surged on social media, with the hashtag #OlaElectricFail trending multiple times. The company’s ambitious plan to build its own battery cells at its Krishnagiri gigafactory has faced delays, pushing the timeline from Q4 2025 to mid-2026.

Analysts at Motilal Oswal have downgraded the stock to ‘Neutral’, citing concerns about cash burn and competition from legacy players like Bajaj, TVS, and Hero Electric, all of whom have launched competitive e-scooter models in the sub-₹1 lakh segment.

Despite the headwinds, Ola Electric still commands roughly 28% market share in the Indian e-scooter segment. CEO Bhavish Aggarwal remains bullish, announcing plans for an electric motorcycle line and a direct-to-consumer battery storage product for homes.

“The EV transition in India is inevitable. We’re building for the next decade, not the next quarter,” Aggarwal said during the company’s Q2 earnings call.