The shares of Ola Electric Mobility dropped nearly 8 percent on September 4, as investors may have resorted to profit booking at elevated levels. This comes after the stock rallied around 77 percent in less than a month.
Ola Electric shares hit an intraday low of Rs 63.71 apiece on Thursday. The stock later recovered some losses and was trading at around Rs 65 apiece, as seen as 1.40 pm.
The shares of the Bhavish Aggarwal-led company had earlier seen significant volatility since listing. The shares had debuted flat at the IPO price of Rs 76 apiece in August 2024, but surged significantly on the debut day itself. It rallied as much as 63 percent in nearly a month after debut to hit a 52-week high of Rs 123.9 apiece in September 2024. The stock then plunged 68 percent to hit a low of Rs 39.6 apiece in July this year.
The stock has now made significant recovery, nearing its IPO price.
Ola Electric, which has been grappling with cooling demand and intensifying competition, overtook Bajaj Auto to reclaim the number two position, according to data from the government's VAHAN registration portal as on August 31, 2025. The Bengaluru-based startup sold 18,972 units in August, though its sales were down 31 percent from a year earlier.
In an exchange filing released on August 26, the company said, "Ola Electric, India’s largest pure-play EV company, today announced that it has received Certification for Compliance with the eligibility assessment requirements under the Production Linked Incentive (PLI) Scheme for automobile and auto components sector, for its Gen 3 scooter portfolio. This certification was granted by the Automotive Research Association of India (ARAI) under the aegis of the Ministry of Heavy Industries, Government of India to all of the seven Ola S1 Gen 3 scooters."
The EV-bike maker said its Gen 2 and Gen 3 scooter portfolio are now PLI-certified. Its Gen 3 portfolio, which comprises S1 Pro 3 kWh, S1 Pro 4 kWh, S1 Pro+ 4 kWh, S1 X 2 kWh, S1 X 3 kWh, S1 X 4 kWh and S1 X+ 4 kWh, comprises majority of its current sales. As a result, this certification is set to significantly enhance its profitability from Q2FY26 onwards, the company said.
The PLI certification makes Ola Electric eligible for incentives ranging from 13% to 18% of the determined sales value (DSV) until 2028, it added.
Helios Mutual Fund recently added Ola Electric to its portfolio due to its potential in the EV two-wheeler space, the fund house's CEO Dinshaw Irani told The Economic Times.
Speaking to the newspaper, Irani compared Ola to Eternal (Zomato), and how Helios' early bet in the food delivery giant played out. Helios had bought Zomato shares for around Rs 40 apiece. The stock is currently trading at around Rs 320 apiece.
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