Shares of Ola Electric slumped as low as 6% in the intraday trading today on the BSE, marking loss for three straight sessions
The stock was trading at INR 120.90 as of 1:25 PM on the BSE, marking a 4.2% drop from the previous close of INR 126.21 on Friday
The Bhavish Aggarwal-led company’s market cap currently stands at INR 53,675 Cr
Shares of electric vehicle maker Ola Electric
slumped as low as 6% in the intraday trading today (August 26) on the BSE, marking loss for three straight sessions since August 21.
The stock was trading at INR 120.90 as of 1:25 PM on the BSE, marking a 4.2% drop from the previous close of INR 126.21 on Friday (August 23).
Rupak De, senior technical analyst at LKP Securities told Inc42 last week that shares of Ola Electric saw heavy profit booking at around INR 150 level and are likely to move down towards INR 115.
The sentiment is expected to remain negative till the time the stock is below its resistance level of INR 132, he also said.
Ola Electric made a stock market debut with a flat listing on the BSE listed at INR 75.99 apiece as against its IPO issue price of INR 76, while on the NSE, it opened flat at INR 76 apiece.
Despite the muted market debut, the EV maker’s shares rallied as high as INR 91.18, up almost 20% from its listing price of INR 76, on the BSE. The company’s market capitalization then stood at INR 39,675.41 Cr.
Following that, the stock touched an intraday high of INR 157.53 on August 20, up 15.2% from its last close at INR 146.03, marking its new all-time high share price for the company then.
This comes at a time when Jefferies said in its last report that the launch of lower-priced electric vehicles and an aggressive discounting play by legacy two-wheeler players like TVS and Bajaj is helping them win the market share from their rival Ola Electric.
Ola Electric’s market share in the electric two-wheeler market has slipped from 49% in the June quarter (Q1 FY25) to 33% in August on a month-to-date basis, although it still remains in the lead, the research note also said.
The Bhavish Aggarwal-led company’s market cap currently stands at INR 53,675 Cr.
