Shares of Ola Electric Mobility fell more than 4 percent in trade on September 30, which also took the stock below the Rs 100-mark for the first time since its market listing. Moreover, the stock has also been in the red for 12 out of the last 14 sessions.
Accordingly, it has dropped over 16 percent in the past month. At 12.22 pm, shares of Ola Electric Mobility were trading at Rs 98.80 on the NSE.
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In a bid to boost EV penetration in tier-2 and tier-3 cities, the company recently launched its 'network partner program'. Ola Electric has already onboarded 625 partners to expand its sales presence across India, with plans to reach 1,000 partners before the upcoming festive season.
In a recent note, brokerage firm HSBC reported that it visited several Ola service stations and observed that many were overwhelmed with service requests. HSBC stated that improving service capacity is a critical area that Ola Electric must address ahead of the launch of its motorcycles, which were unveiled on August 15.
Ola Electric's sales dropped by 34 percent in August. With the monthly auto data for September slated to be out tomorrow, investors are keen to see if weakness in sales for Ola Electric persisted in the month gone by.
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