Fiery exchange between Kamra and Aggarwal erode ₹3,500 crore value in 2 hours
By MYBRANDBOOK
The power of social media coupled with government interference costed Ola Electric Mobility huge losses.
It all started with an online squabble between Ola Founder Bhavish Aggarwal and comedian Kunal Kamra. Kamra posted a photo of Ola’s electric scooters at a service center, criticizing their quality and questioning whether Indian consumers were being treated fairly.
The exchange quickly went viral, reportedly pulling the company’s stock into a tailspin. But can one tweet erode ₹3,500 crore value in 2 hours, as rightly asked by Dr. Velumani on Ola Electric. The answer is both yes and No.
Dr. Velumani's tweet seemed to hit a nerve, highlighting how a single social media post, combined with underlying service issues, can lead to significant financial repercussions. Kamra’s tweet came at a critical moment, as the Ministry of Heavy Industries (MHI) on Wednesday asked the vehicle testing agency ARAI to investigate alleged consumer rights violations by Ola Electric, a company benefiting from the government’s incentive scheme for EVs.
Ola Electric confirmed that the Central Consumer Protection Authority (CCPA) issued the show cause notice. However, the company has assured that it does not expect this notice to have any immediate effect on its financial, operational, or other activities. There are no penalties or financial fines attached to the notice at this stage.
But the truth is all put together shares of the company have tanked 6.18%, falling to ₹85.21, wiping out ₹3,625 crore from the company’s market cap.
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