Bhavish Aggarwal-led Ola Electric's debut at Dalal Street has been nothing short of magical. The company that started trading at Rs 76 per share has rocketed, almost doubling its shares in a matter of 10 days.
Ola Slips Out Of Green Territory
The honeymoon period appears to have taken a minor halt, at least for now. The company shares dipped consequentially on Tuesday, August 20. The decline even went past the 5 per cent mark.
Ola Electric Shares hit upper circuit on August 19. |
This development comes right at the back of a bumper day of trade a day before on Monday, August 19, when the company shares touched the high ceiling, hitting the upper circuit twice in the trading session, crossing gains of over 9 per cent.
A decline in share price a day later |
A day later, the shares have seen a steady decline since the beginning of the trading session on Tuesday. The decline only increased in magnitude after 11:00 IST. At 12:28 IST, the Ola Electric shares dropped by 5.19 per cent or Rs 7.60, taking the overall value to Rs 138.78 per share. The momentum may lead to a further decline in the share price.
Company Expands its Revenues
The company also recently released quarterly earnings for the quarter that concluded in June.
The company is banking significantly on the success of its first electric motorbike, Ola Roadster X. |
According to the results, the company's net losses for the June-ended quarter rose to Rs 347 crore. This was more than the Rs 267 crore loss it reported for the same period in the previous year.
However, the data also revealed that the company's revenue had increased. The revenue of the company from the tech hub of Bengaluru, increased by an astounding 32.3 per cent on an annual basis.
The company opened for its initial public offering (IPO) on August 2, 2024. The proceedings closed on August 6, 2024, with an allotment on August 7, 2024. The company was officially listed on the National Security Exchange on August 9.
