MUMBAI — Shares in SoftBank-backed Ola Electric Mobility, which leads India’s fast-growing electric scooter market, have fallen sharply over the past week as the company is hit with a raft of complaints over the quality of its service.
The scooter maker’s share price fell more than 3% to 87.46 rupees ($1.04) on Monday, a few days after local media last week reported that India’s Ministry of Heavy Industries had ordered an audit of Ola’s service centers following growing complaints from customers. The stock is down more than 40% from its all-time high of 146.03 rupees on Aug. 19.
