Ola Electric shares fall, extend decline to 4 sessions as market share takes a hit

Ola Electric Mobility shares have slipped almost 10 percent in the past week.

Shares of India's largest electric two-wheeler company Ola Electric Mobility fell over three percent to Rs 114, extending its fall to a fourth trading session in a row after the company's market share.

As per data, its market share dropped to 31 percent at the end of August from the 49 percent share it held at the end of the June quarter. Meanwhile, its closest competitors, TVS and Bajaj Auto held market shares of 20 percent and 19 percent, respectively.

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Despite the introduction of lower-priced electric two-wheelers, overall EV penetration in the segment has remained in the 4-7 percent range over the past two years. Jefferies expects this penetration to gradually increase in the coming years.

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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.

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At about 2:15 pm, shares of the company were trading at Rs 114.5, down 2.9 percent from the last close on the NSE. Ola Electric Mobility shares have slipped almost 10 percent in the past week.

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