Ola Electric Mobility’s stock, led by Bhavish Aggarwal, dropped sharply on Tuesday to a new low of Rs 74.18 per share. The stock briefly touched Rs 73.84 in intra-day trading, marking an 8.5% decline in a single day. Since its all-time high of Rs 157.47, Ola Electric’s shares have plunged 53.2%.
Analysts predict that the stock could drop closer to the Rs 70 mark. Ola Electric debuted on the stock market at Rs 76 and saw a brief rally before a continuous decline. Market experts advise caution, calling the stock a “no-trade” zone and recommending that investors focus on stocks with strong fundamentals. They believe sustained selling pressure could push shares even lower if prices stay below the IPO value of Rs 76.
Ola Electric’s financial performance has raised concerns ahead of its Q2 FY25 results, scheduled for November 8. According to analysts, the company’s weak sales and service quality have impacted investor confidence. Institutional and retail investors may continue to sell if the stock remains below its IPO price, adding further pressure to the EV maker’s shares.
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