Ola Electric share price continued its downtrend in August 26 trade, falling sharply by 5 percent.
Earlier this month, shares of Bhavish Aggarwal-led electric two-wheeler company listed at Rs 76 apiece on the NSE. Within a few sessions, the counter more than doubled to hit a record high of Rs 157.53 on the BSE August 20.
However, ever since, the scrip has been on downtrend, falling 22 percent in the last five sessions. The stock is down 23.37 percent from its record high last Tuesday when it hit Rs 157.53.
The company's market capitalisation has reduced to Rs 53,327crore as on August 26, compared to a Rs 64,411 crore on August 19.
The stock's post-listing rally was backed by new products announcement at its Ola Sankalp 2024 event. Ola founder Bhavesh Aggarwal unveiled 'Roadster Series' motorcycles as well as announced that its AI virtual assistant Krutrim will be integrated into Ola Electric scooters.
Meanwhile, the analysts at the global brokerage HSBC tagged a 'BUY' rating on Ola Electric. The analysts had recommended a price target of Rs 140 per share.
The company's net loss widened by about 30 percent year-on-year for the quarter ended June 30 to Rs 347 crore. The firm's consolidated revenue from operations rose 32 percent to Rs 1,644 crore as against Rs 1,243 crore in Q1FY24.
The Rs 6,145-crore initial public offering of Ola Electric Mobility had a fresh issue of up to Rs 5,500 crore and an Offer-for-Sale (OFS) of up to 8,49,41,997 equity shares.
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