Ola Electric Mobility Share Price Extends Loss To Sixth Day

Ola Electric Mobility Ltd.'s share price extended losses to a sixth day on Monday on news that it's set to cut over a thousand jobs to stem losses. The electric scooter maker will be trimming both employees and contract workers, Bloomberg reported.

Moreover, there were discrepancies in its electric scooter sales data, which also weighed on the sentiment for the counter. The company claimed that it had sold 25,000 scooters in February, however, 8,390 were shown as registered on the government's VAHAN website. Ola Electric Mobility said that the discrepancies were due to renegotiation of contracts with vehicle registrar.

Ola Electric Mobility share price declined 5.49% to Rs 53.71 apiece. It was trading 3.92% down at Rs 54.60 apiece as of 12:43 p.m., as compared to a 0.08% decline in the NSE Nifty 50.

The stock has declined 40.13% in the last 12 months. The relative strength index was at 23.26, which implied the stock was oversold.

Out of eight analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 40.6%.