Live
- Meet DJ Yogi: The Favorite DJ of Bollywood Celebrities and Sports Stars
- Synergy Marine Group Champions Onboard AI Agriculture for Healthier Crews and a Greener Future
- BJP alleges Rs 45 cr scam by AAP govt in school construction
- Yashoda Medicity organizes “Crown of Courage” ceremony to honor Cancer Survivors
- AAP appoints two-time legislator Arora as Punjab chief
- BJP won’t succeed in toppling Congress govt: K’taka Home Minister
- Turkey neutralises five Kurdish militants in Syria
- BJP questions Kejriwal on 21,000 deaths in Delhi due to contaminated water
- CM Revanth Reddy Inspects Progress of Telangana Mother Statue Installation
- ‘It’s Congress habit to spread lies’, says Vinod Tawde after sending legal notice to Kharge, Rahul
Ola Electric share tanks 4 pc, trades below Rs 100 for 1st time
Shares of Ola Electric Mobility fell more than 4 per cent on Monday and slipped below the Rs 100 mark for the first time since its listing last month.
Mumbai : Shares of Ola Electric Mobility fell more than 4 per cent on Monday and slipped below the Rs 100 mark for the first time since its listing last month.
During the intra-day trade, the Bhavish Aggarwal-run Ola Electric shares nosedived to Rs 97.84 apiece on the lower end and Rs 102.38 per share on the higher end.
At 1:36 a.m., Ola Electric shares were at Rs 99.10, down 3 per cent. With this decline, the stock has now dropped about 36 per cent from its peak of Rs 157.4.
Share of the electric two-wheeler maker has declined for ninth out of the last 11 trading sessions.
This recent slump highlights a troubling trend for the company, which once experienced a significant surge following its IPO. Ola's shares had gained over 107 per cent within two weeks from its listing before entering a consolidation phase.
According to recent reports, "Ola Electric’s flagship S1 series EV scooter has become a nightmare for hundreds of customers who are consistently facing issues like malfunctioning hardware and glitching software and spare parts are hard to come by, resulting in inordinate delays."
Ola Electric is based on a direct-to-customer model. The company owns and operates all 500 plus experience centres and 430 service centres across the country.
Last Friday, the company announced to double its company-owned service network to 1,000 centres by the end of year.
According to Rajesh Sinha from financial services firm Bonanza, after its initial public offering (IPO), the stock of Ola Electric Mobility has shown volatility due to challenges the company faces as well as rising competition, concerns of a potential EV slowdown and service-related issues.
