Ola Electric Shares Fall 23% from Peak, Significant Drop in Market CapOla Electric Shares Fall 23% from Peak, Significant Drop in Market Cap

Ola Electric’s share price continued to decline on August 26, dropping by 5%. The electric two-wheeler company’s shares, led by Bhavish Aggarwal, were initially listed at Rs 76 on the NSE earlier this month. The stock saw a rapid increase, reaching a record high of Rs 157.53 on the BSE by August 20.

However, in the following days, the stock has been on a steady decline, falling by 22% over the last five trading sessions. As of August 26, the stock is down 23.37% from its peak. The company’s market capitalization decreased from Rs 64,411 crore on August 19 to Rs 53,327 crore on August 26.

The initial surge was fueled by new product announcements at the Ola Sankalp 2024 event. Bhavish Aggarwal introduced the ‘Roadster Series’ motorcycles and revealed that the AI virtual assistant, Krutrim, will be integrated into Ola Electric scooters.

In financial news, Ola Electric’s net loss for the quarter ended June 30 widened by 30% year-on-year to Rs 347 crore, while revenue grew by 32% to Rs 1,644 crore.