Ola Electric’s Stock Dips Below ₹100 For The First Time; Check The Monthly Decline

The shares of Ola Electric Mobility on Monday (September 30) fell more than 4 per cent, dipping below the Rs 100 mark for the first time since its market debut.

A Troubling Trend

In the last month alone, the stocks of the company declined over 16 per per cent.

At around 12:22 PM, the shares were trading at Rs 98.80 on the National Stock Exchange (NSE). As of 15:12 PM IST, the shares were trading at the shares were trading at Rs 99.71, down by 2.42 per cent.

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The shares of the company today closed at Rs 99.80, down by 2.33 per cent.

Also, it is note that the stock has been in the red for 12 out of the last 14 trading sessions. Over the past week, shares have declined nearly 9 per cent, and overall, the stock has lost more than 21 per cent of its value.

Ola Electric Mobility - Share performance | NSE

Sales Decline

The recent sales figures paint a stark picture for the company.

In the month of August, the sales of the company plummeted by 34 per cent.

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The company sold just 22,800 units in September, down from 27,586 in August and a staggering 45 per cent drop from July’s 41,732 units. As the monthly auto data is set to be released soon, investors are eager to see if the trend of declining sales will continue.

Representative Image |

Amid the downturn and in response to it, the company has also introduced a new initiative called the 'network partner program' targeted at increasing its presence in tier-2 and tier-3 cities.

As of now, the company has onboarded 625 partners, with plans to extend it to 1,000 before the festive season comes on the board.

Market Performance

The recent stock performance of the company s a stark contrast to the surge the company following its public issue, where shares experienced a gain of over 107 per cent within its two weeks of listing.

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Since then, however, the stock has entered a consolidation phase and has seen a decline of 36.30 per cent from its record high of Rs 157.53 on August 20, 2024. Despite the recent struggles, the stock has still appreciated by 32.04 per cent since its IPO price of Rs 76.