Ola Electric share news: Following the company’s announcement of 1,000 layoffs, Ola Electric share news was the subject of intense scrutiny. The company’s stock has had a sharp decline since August 2024, when it reached all-time highs. In just seven trading days following a quiet start on the markets, the stocks almost doubled from their listing levels.
The NSE listed the shares on August 9, 2024, for ₹75.8 a share. On August 20, 2024, the shares reached a record high of ₹157.4 a share. However, shares of the company fell more than 65% from their peak prices on Tuesday, reaching a fresh low of ₹53.6 per. Let’s uncover more details regarding the Ola Electric share news!
Overview of Ola Electric
Ola Electric Mobility Ltd. is a manufacturer of electric vehicles that was founded in 2017 and specializes in producing electric vehicles and essential parts for them. These parts, which are made at the Ola Future plant, comprise motors, battery packs, and vehicle frames.
Ola Electric Share News: Recent PLI
By being the first two-wheeler automotive electric vehicle (EV) producer in India to be eligible for PLI (Production Linked Incentive) Scheme incentives for Auto Component and Automotive (PLI-Auto Scheme), Ola Electric has accomplished a noteworthy milestone. Furthermore, Krutrim, an artificial intelligence business, and Ola Electric were founded by Bhavish Aggarwal, who has promised an extra Ola Electric shares of 5.88 crores in order to raise money for his venture.
With this further commitment, the encumbered shares (total) now stand at roughly 2.43% of Ola Electric’s total shares, or roughly 8.09% of his own ownership position in the electric vehicle manufacturer. Aggarwal is still the owner of the pledged shares, which are worth approximately ₹ 603 cr. at the share price (current) of about ₹ 56.40. However, they are not allowed to be sold or transferred.
Ola Electric Share News Analysis
Given India’s growing use of electric two-wheelers, Ola Electric’s overall prognosis is quite favorable. Long-term prospects seem stable as the market develops and operational efficiencies increase, according to the market experts, even though profitability may continue to fluctuate in the short to medium term.
In the EV two-wheeler market, Ola Electric maintains its dominant position with a 28% market share. Many specialists emphasize that Ola Electric’s network of dealerships has grown, which may facilitate further expansion with an already attracted market due to the ongoing wave of Ola Electric share news.
Conclusion
Ola Electric is the first maker of 2W EVs to receive PLI incentives. As a result, there is an obvious fluctuation in the shares, and Ola Electric share news is a trending topic already, as various analysts are continuously tracking the movement of the stocks in the market.
For additional information, visit the Angelone app, which allows you to start investing right away and set up your Demat account with only one swipe.
Disclaimer: Demat Dive is not giving any buying advice on any stock. Consult a SEBI-registered advisor before investing anywhere.