Ola Electric Hits Fresh All-Time Low Amid Broader Market Slump

SUMMARY

The company’s market capitalisation stood at INR 21,613 Cr with more than 2.37 Cr shares traded hands by 12:35 PM

Ola Electric closed the previous trading session at INR 52.44 on the BSE

The decline in Ola Electric's share price came amid broader market decline and global market crash amid tariff war

Shares of Ola Electric

nosedived over 13% to touch a fresh all-time low of INR 45.55 during the intraday trading session on the BSE today.

With a slump in its share price, the company’s market capitalisation stood at INR 21,613 Cr with more than 2.37 Cr shares traded hands by 12:35 PM.

At the time of writing, the stock recouped almost half of its losses and was trading 6.5% lower from its previous close (April 4) of INR 52.44 on the BSE.

The decline in EV mobility company’s share price came amid broader market decline and global market crash after US President Donald Trump announced reciprocal tariffs on a host of countries.

Ola Electric made a stock market debut with a flat listing in August last year. The company’s shares were listed at INR 75.99 apiece on the BSE as against its IPO issue price of INR 76.

Since its listing the stock price has dropped almost 45% as of its last close. In the short term, it ended five out of the last seven sessions in the red.

On the financial front, the Bhavish Aggarwal-led EV company’s consolidated net loss widened by 50% to INR 564 Cr in third quarter of the financial year 2024-25 (Q3 FY25) from INR 376 Cr in the year-ago quarter. Its operating revenue declined 19% to INR 1,045 Cr during the quarter under review from INR 1,296 Cr in Q3 FY24.

Now, the company is looking to charge its battery game as Ola Electric’s board last week approved an infusion of INR 199 Cr in its battery manufacturing subsidiary Ola Cell Technologies (OCT).

It is also piloting a new service dubbed ‘Hyper Delivery’ that will see the company offer same day registration and delivery of its escooters. It is initially piloting the service in Bengaluru and will scale it up across India during this quarter in a phased manner, it said in a statement.

As per a Bloomberg report today, Ola has allegedly counted bookings of electric scooters and motorcycles that have not even been rolled out yet in its February sales to inflate its market share.

In a letter to the Ministry of Road Transport and Highways dated March 21, Ola Electric said that its February sales figures included customer bookings for 10,866 Gen3 escooters and 1,395 Roadster X motorcycles, the report said.

However, Ola has not even rolled out Roadster motorcycles yet, while it kicked off deliveries of Gen3 escooters last month.