The end of the year appears to have brought laurels of growth for Bhavish Aggarwal-led Ola Electric. The electric scooter maker after suffering for most of November, inside and outside the equity market,

Ola Electric shares surged 6.85 per cent on Monday to Rs 93.41 on the BSE after CEO Bhavish Aggarwal revealed ambitious plans to expand the company’s retail network. Aggarwal disclosed on X, formerly Twitter,

Ola Electric shares saw a notable recovery today, rebounding sharply from earlier losses. After falling around 5% in the morning, the stock surged by 6.68% around 2:30 PM. The turnaround was driven by the companys announcement of a massive expansion in its retail network.

The update revealed that Ola Electric is set to increase its number of stores from 800 to 4,000 by the end of this month, with all of them scheduled to open on December 20.

Ola Electric’s ambitious expansion comes at a critical juncture as the company navigates a fiercely competitive EV market. The planned opening of 4,000 stores in a single day on December 20, 2024, is set to significantly enhance customer accessibility and after-sales service across India.

The Bhavish Aggarwal-led company has been under growing scrutiny in recent months over issues with its servicing network and rising customer complaints, impacting its stock price and market capitalisation.