At the beginning of August, shares of Bhavish Aggarwal’s electric two-wheeler company were listed at Rs 76 apiece on the NSE. The counter more than doubled in a few sessions, hitting a record high of Rs 157.53 on the BSE on August 20.
Ola Electric Mobility Limited (INE0LXG01040) has been on a downtrend ever since, falling 25 percent towards the end of last week. The drop was 23.37 percent from its record high on Tuesday, at Rs 157.53. However, Ola Electric’s stock is bullish today, trading at Rs 128 per share.
The company’s market capitalisation is at Rs 56,569 crore today, a significant increase from Rs 53,327 crore yesterday, August 26. Analysts say it could return to Rs 64,411 crore, where it was on August 19.
The stock’s after-listing rally was followed by a new product announcement during its ‘Ola Sankalp 2024’ event. The company’s founder, Bhavesh Aggarwal, announced the ‘Roadster Series’ motorcycles, which have an AI virtual assistant named Krutrim that will be incorporated into the Ola Electric scooters.
Investors will closely watch Ola Electric’s performance after today as it navigates volatile markets. Notably, Ola Electric commands market dominance as one of the biggest EV companies in India and has potential for future growth. However, as always, potential investors should consider the inherent risks, such as market volatility and the evolving regulatory environment, when making investment decisions.
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