Ather Energy Share Price Spikes 5% After Launch Of New Platform

Ather Energy Ltd.'s share price spiked 5.45% on Monday, a day after co-founder Tarun Mehta said that achieving 20% market share is possible for the business in the near term.

Ather also launched a new electric scooter platform EL at the Ather Community Day in Bengaluru on Saturday, which will produce e-scooters for multiple segments.

The first product from the latest two-wheeler architecture is expected to be rolled out next year.

On the EL platform, Mehta said the new platform brings down the number of parts in the e-scooter to 15 at the vehicle level, making it 15% faster to assemble the product and also overall 15% cheaper to produce at the assembly level, PTI reported.

He said that the company currently holds a 17% share in the domestic electric two-wheeler space, which has doubled compared to the April-June quarter of last year.

The scrip rose as much as 5.45% to Rs 474.70 apiece. It pared gains to trade 3.17% higher at Rs 464.40 apiece, as of 10:14 a.m. This compares to a 0.40% advance in the NSE Nifty 50 Index.

It has risen 53.62% in the last 12 months. Total traded volume so far in the day stood at 6.5 times its 30-day average. The relative strength index was at 75.

Four analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.4%.