Ola Electric's Stock Slips Below Rs 100 Amid Bhavish Aggarwal's Clash With Kunal Kamra

On Monday, the shares of Ola Electric fell more than 8 per cent and at the time of filing, the shares were trading at Rs 90.60. The electric vehicle firm founded by Bhavish Aggarwal made its stock market debut at Rs 76 on August 9, reaching a high of Rs 157.53 on the BSE. However, BSE analytics reveal that the company's shares have delivered negative returns of 17.33 per cent over the past month. On the sales front, the company recorded 24,665 e-scooter sales last month, a slight drop from the 27,587 units sold in August, according to data from the government transportation portal Vahan.

Saji John, Senior research analyst, Geojit Financial Services, said, "The Indian E2W industry is projected to grow at a CAGR of 11%, reaching a market size of Rs 2.8 trillion to Rs 3.6 trillion by FY28. With the current market share of 38% YTD and robust capex plan, the OLA is likely to act as a catalyst for boosting investors’ confidence and could help accelerate the growth and adoption of electric two-wheelers across the country. OEML is the only automaker in India approved for both PLI schemes for advanced automotive technology and cell chemistry batteries." He added, "OEML and its subsidiaries face numerous challenges in the EV industry, including ongoing losses, limited manufacturing experience, and no assurance of profitability despite significant R&D investments. Supply chain issues, reduced government incentives, and higher depreciation have led to a rising cost of the Ola vehicle compared to its peers."The Rs 6,146-crore initial public offering (IPO) of Ola Electric Mobility had received a robust response from investors, with the issue being subscribed 4.27 times the shares on offer. The strong demand came on the final day of bidding, August 6, 2024.

Also, a heated exchange unfolded on X (formerly Twitter) between Bhavish Aggarwal, founder and CEO of Ola Electric, and comedian Kunal Kamra on Saturday. The confrontation stemmed from service issues related to the Ola Electric’s scooters(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)