Shares of Ola Electric Mobility Ltd. recovered from the three-week low it hit during early trade to rise over 6% on Monday. The shares had fallen over 5% during the early session as anchor investors prepared to sell shares. In the first round of share sale, anchor investors will release 18.17 crore shares, or 4.08% of its total equity.
Anchor investors are required to hold stakes for a minimum of 30 days. They can sell up to 50% of their current holding. The next round of anchor books is available for sale on Nov. 8.
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Ola Electric Mobility stock listed flat on Aug. 9, compared to an issue price of Rs 76 apiece. On the listing day, the stock ended 20% higher at Rs 91.2 apiece on the National Stock Exchange.
Shares of Ola Electric Mobility fell as much as 4.44%, the lowest level since Aug. 14, only to rebound and close 4.57% higher at Rs 114.58 per share, compared to a 0.34% advance in the NSE Nifty 50.
The stock has gained 25.64% since listing on Aug. 9.
Both the analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 30.5%.
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