How A Market Leader Ran Out Of Spark

If there is one indicator to sum up Ola Electric’s year so far, it would be its share price, which has spiralled 57% (as of December 5, 2025) to INR 36.12 since January 1, 2025. The EV maker, which not too long ago commanded a market capitalisation of $5.4 Bn, has shrunk to an m-cap of roughly $1.7 Bn. 

So, what happened to Ola Electric, the early mover in India’s two-wheeler EV revolution? Why was it seen losing steam in 2025, when rivals like Ather, TVS, and Bajaj were clearly making a headway, zooming past the OG EV maker?  

To…