It's not every day that a Twitter fight between a CEO and a comedian causes a company's stock to nosedive, but that's exactly what happened with Ola Electric this week. Ola Electric's stock drops 8% after a heated exchange between CEO Bhavish Aggarwal and comedian Kunal Kamra over customer service issues goes viral on social media.
The Spark That Lit the Fire
It all started when Ola CEO Bhavish Aggarwal posted a picture of the company's Gigafactory on Sunday, complete with a heart emoji. Cute, right? Well, comedian Kunal Kamra didn't think so.
Kamra fired back with a photo of dusty Ola scooters outside a service center. He asked if this is what Indian consumers deserve, tagging government officials for good measure. It all began on a seemingly ordinary Sunday when Ola Electric CEO Bhavish Aggarwal shared a photo of the company's impressive Gigafactory on Twitter. The image, accompanied by a simple heart emoji, was intended to showcase the company's progress and commitment to India's EV revolution. Aggarwal tagged Ola's Business Head, Vishal Chaturvedi, in what appeared to be a moment of corporate pride.
However, the celebratory post quickly took an unexpected turn when comedian Kunal Kamra decided to weigh in. Known for his sharp wit and willingness to tackle controversial topics, Kamra retweeted Aggarwal's post with a twist. He shared an image that painted a starkly different picture: several Ola scooters gathering dust outside a service center.
Kamra didn't stop there. He tagged Nitin Gadkari, the Minister of Road Transport and Highways, and the Consumer Affairs Ministry, posing a pointed question: "Is this what Indian consumers deserve?" The comedian's tweet touched a nerve, resonating with frustrated Ola customers who had been vocal about issues with after-sales support and refunds.
The CEO Claps Back
Aggarwal wasn't about to take this lying down. He shot back at Kamra, offering him a job to "help" with EV services. The kicker? He said he'd pay Kamra "more than his failed comedy career."
The Aftermath
By Monday, Ola Electric's stock had dropped 8%. It was the third day in a row of losses, and the fifth drop in six trading days. Talk about a rough week!
Kamra couldn't resist one more jab. He tweeted that Aggarwal, who thinks Sundays should be workdays, "Worked Yesterday to prove himself wrong."
As the Twitter exchange went viral over the weekend, the impact became clear when markets opened on Monday. Ola Electric Mobility, the two-wheeler EV manufacturer, saw its shares plummet by 8%. This marked the third consecutive day of losses for the company and the fifth decline in the last six trading sessions.
The stock's nosedive highlighted the very real consequences that social media interactions can have on a company's market value. It also underscored the growing importance of reputation management in the age of instant communication.
The Bigger Picture
This Twitter spat has put a spotlight on ongoing customer service issues at Ola Electric. Complaints about refunds and hard-to-find service centers have been piling up.
The incident raises questions about how CEOs should handle criticism on social media. Should they engage directly? Or is it better to stay above the fray?
One thing's for sure: in the age of social media, a war of words can have real-world consequences. Just ask Ola Electric's shareholders!
