Ola Electric Shares Fall Nearly 8% To Hit Fresh Low

Continuing its downward trend this week, Ola Electric’s shares plunged 7.90% today (November 5) to hit another low at INR 74.23. 

This brings Ola Electric’s share price down by a staggering 53.22% from its peak of INR 157.53, reached on August 20, 2024.

The company’s market capitalisation has now slipped to about $3.89 Bn. 

Notably, Ola Electric’s share price dropped below its listing price of INR 76 last month. 

After its August 9 debut, the stock initially surged, nearly doubling to INR 157.53 within a few weeks before reversing course.

Multiple factors have led to the company’s share prices slide down over the past couple of months. One of the primary reasons behind the downward movement has been an increasing number of complaints about the company’s e-scooters in recent times. 

Meanwhile, the company informed on Monday that it’ll declare the September 2024 quarter (Q2 FY25) results on Friday (November 8). 

(The story will be updated soon)

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