Ola Electric Shares Slide 4% To Hit Fresh All-Time Low

SUMMARY

As of 11:51 AM, the stock was last down 3.3% at INR 57.43 per share on the BSE, compared to its previous close of INR 59.39 apiece

Ola Electric’s shares are now trading almost 25% below its IPO listing price of INR 76

Since its market debut, the stock has lost 34.8% in value, as of its last close

Shares of Bhavish Aggarwal-led Ola Electric dropped 3.8% to hit a new all-time low of INR 57.10 apiece on the BSE intraday trading session today (February 27).

As of 11:51 AM, the stock was last down 3.3% at INR 57.43 per share on the BSE, compared to its previous close of INR 59.39 apiece.

The company’s market capitalisation currently stands at INR 25,335.81 Cr ($2.9 Bn).

It is to note that the company’s stock has been highly volatile and largely reflected a downward trend in the past few weeks, weighed down by the broader market indices.

About a week ago, Ola Electric’s stock hit an all-time low of INR 59.25 per share.

Despite the company’s efforts to boost its market share with the production of its newly launched Roadster ebikes, and roll out of its flagship Gen 3 S1 Pro+ scooter earlier this month, Ola Electric’s shares have brought greater negative returns.

Furthermore, Ola Electric’s third quarter financial results were heavily hit by lower revenue due to rising competition in the electric two-wheeler market.

The EV maker’s consolidated net loss widened 50% to INR 564 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 376 Cr, a year ago. Meanwhile, its operating revenue declined 19% to INR 1,045 Cr during the quarter under review from INR 1,296 Cr in Q3 FY24.

The company went public in August last year, listing at INR 75.99 apiece on the BSE. On the NSE, the stock made its debut at INR 76 per share.

Ola Electric’s shares are now trading almost 25% below its IPO listing price of INR 76.

Since its market debut, the stock has lost 34.8% in value, as of its last close.