Ola Electric shares tank 8.5% as 3-month lock-in period expires
The share price of Bhavish Aggarwal-led electric vehicle company drops low listing price, touching its lifetime low of ₹73.70
The share price of Bhavish Aggarwal-led electric vehicle company drops low listing price, touching its lifetime low of ₹73.70
Ola Electric says the Central Consumer Protection Authority has provided a timeline of 15 days to the company to respond to the show cause notice.
Bajaj Auto sold 18,933 electric scooters in September, taking over TVS Motor as the second-largest electric two-wheeler player during the month.
Ola Electric currently has around 800 company-owned stores but only about 500 service centres.
Around 18.18 crore shares, representing 4% of Ola's outstanding equity, will become eligible for trading in the secondary market from today.
Ola Electric clocked registrations of 27,518 e-scooters in August, down 34% compared with 41,624 units in the previous month.
The BSE has revised the circuit limit of Ola Electric Mobility from 20% to 10% to stop any unduly rising of the stock price.
Ola Electric showcased its upcoming Gen-3 platform which will be the foundation of the company’s future electric vehicles.
The auto stock has risen 44% in two sessions against its IPO price of ₹76, while its m-cap has surged by ₹14,737 crore to ₹48,259 crore.
Post listing, shares of Ola Electric rose as much as 4.82% to ₹79.66, while the market capitalisation climbed to ₹35,137 crore.