Ola Electric Mobility Share Price Slumps 8% After Two-Day Rally

Ola Electric Mobility Ltd. share price slumped 8% in Thursday's session after two-day rally. The stock had been rising as the EV two-wheeler announced the launch of S1 Pro Sport at Rs 1.50 lakh introductory price.

In the previous two sessions, the stock clocked a 29.03% gain. The sentiment turned positive after company announced new releases and unveiled solution to deal with rare-earth mineral supply shocks have reversed.

Ola Electric Mobility continued to trade well below the listing close price of Rs 91.2 on Aug 9, 2024. The stock hit a record low of Rs 34 on July 14. Multiple issues related to its services and customer care came into the front which weighed on the stock price.

Analysts tracking the company remained divided in views on the stocks.

Ola Electric Mobility share price slumped 8.44% to Rs 48.07 apiece. It was trading 8.33% lower at Rs 48.82 apiece as of 11:33 a.m., compared to 0.27% advance in the NSE Nifty 50 index.

The stock has fallen 64.64% in 12 months, and 43.04% on year-to-date basis. Total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 64.15.

Out of eight analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 5.1%.