declined the most in more than a month, after reporting quarterly losses that more than doubled from a year ago as sales dropped.
The shares declined as much as 9.7 per cent, the most intraday since April 7. Net loss was at ₹87 crores ($102 million) in the quarter ended March 31, compared with ₹416 crores a year ago, the company said in a statement Thursday.
The e-scooter pioneer in India has seen its shares slip more than 40 per cent this year after a blockbuster listing in August amid multiple crises in recent months.
It has faced Indian government scrutiny for counting bookings for yet-to-be launched electric motorcycles and e-scooters as part of monthly sales, faced raids and vehicle seizures from state transport officials for lack of trade certificates at its stores and alleged violation of customer rights.
The company saw revenue decline 62 per cent year-on-year to ₹611 crores during the period, as it’s struggled to shake off a sales malaise.
Last year, customers took to social media to voice their complaints about Ola’s products following founder Bhavish Aggarwal’s heated exchange with a celebrity critique of the company’s flagship model.
Key numbers from Thursday’s results
- Total costs declined 31 per cent on-year to ₹131 crores
- Raw material costs dipped 74 per cent to ₹350 crores
- Other income rose 60 per cent to ₹117 crores
- Company said it’s exploring a non-dilutive debt raise of up to ₹17 crores to refinance existing debt repayment obligations
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