Ola Electric shares continued to trade in red, carrying the trend of deficit from the last trading session on Thursday forwards.
This came to pass after the central government issued notice to Ola Cabs/ Consumer, along with its prime competitor, Uber, over differential pricing.
Central Government Serves Notice
This note came to pass after it was noticed that these cab aggregators were pricing users differently depending on the device used. Here, the said distinction in pricing was observed between Android and iOS/Apple’s iPhones.
Many users of the application have taken it to social media to air their concerns regarding the system in the past.
The central minister for consumer affairs, Pralhad Joshi took to X and said, “As a follow-up to the earlier observation of apparent #DifferentialPricing based on the different models of mobiles (#iPhones/ #Android) being used, Department of Consumer Affairs through the CCPA, has issued notices to major cab aggregators #Ola and #Uber, seeking their responses.”
Uber or its allied associates are not listed on the Indian equity markets. But, Ola Electric, an associate company of Ola Consumer (Cabs).
Ola Electric Shares In red
When we look at the company shares The overall decline in share prices went past 1.40 per cent. The Ola Electric stock closed for the day’s trade at Rs 73.35, with an overall decline of 1.29 per cent or Rs 0.96.
The trend of reds continued on the last day of the week. On Friday, January 24, the company shares decline further by 2.22 per cent or Rs 1.63. This took the overall value of the company shares to Rs 71.86 per piece.
The Ola Electric stock has a 52-week-high of Rs 157.40 per share, and 52-week-low of Rs 66.66 per share.
Uber has come out against the notice and denied these charges. Ola is yet to officially issue a statement in the matter.
