Ola Electric Mobility shares saw tremendous growth after listing. It had a flat listing at the upper price band of Rs 76. Then it made top gear and doubled the investors’ money in a single week. However, now Ola has put the reverse gear for the last few days.
How was the performance of Electric Mobility shares today
On Monday, shares of electric two-wheeler maker Ola Electric closed down 2.62 per cent at Rs 114.90. This is the fourth consecutive day when the shares of the Bhavish Aggarwal-owned company closed in the red.
Why did Ola Electric shares fall?
Ola Electric’s losses are increasing continuously. This is the reason why many experts were calling Ola’s IPO very expensive. Also, Ola Electric’s market share also declined. It was 49 percent in the June quarter, which fell to 31 percent at the end of August. At the same time, the market share of Ola Electric’s rival companies like TVS and Bajaj Auto is increasing. This is also increasing the concern of Ola investors and they are exiting it by selling.
How were the quarterly results of Ola Electric?
Ola Electric’s revenue saw a jump in the first quarter of FY 2023-24. However, its loss also increased significantly. The company’s net loss increased to Rs 347 crore in the June quarter. Ola Electric had a loss of Rs 267 crore in the same quarter last year. At the same time, the company’s revenue grew 32.3 percent year-on-year to Rs 1,644 crore. It was Rs 1,243 crore a year ago.
