Ola Electric Mobility Ltd., a prominent e-scooter manufacturer in India, has seen its shares drop below the price at which they were initially offered to the public. This decline is a significant setback for one of the most highly anticipated stock listings of the year.

Ola's stock experienced a decline of up to 3.6% on Tuesday, reaching a low of 74.82 rupees ($0.89), which is below the IPO price of 76 rupees. Despite a strong start that saw the stock nearly double in value in the first six trading sessions after its listing in early August, Ola's shares have been under increasing pressure.

The company is facing challenges such as losing market share and an uptick in consumer complaints, which have contributed to the recent decline in stock performance.