Ola Electric Share Price Hits All-Time Low After Block Deal
Ola Electric Mobility Ltd.'s share price plummeted to an all-time low, dropping over 6% following a major block deal. The company saw 44 lakh shares trade at a price of Rs 44.1 per share, resulting in 0.8% of its equity changing hands across seven blocks.
The electric vehicle manufacturer, founded in 2017, went public on Aug. 9, 2024, with an IPO price of Rs 76 per share and it listed at a premium with Rs 91.20 as listing price.
The company is know for its electric scooters and plans to expand its EV ecosystem. However, recently, it has been facing challenges due to reports and complaints about customer service and repair issues with the scooters. Regulators have also scrutinised the company for these reasons.
Ola Electric Share Price Today
Shares of Ola Electric fell as much as 6.34% to Rs 43.16 apiece. It pared losses to trade 4.86% lower at Rs 43.84 apiece, as of 10:11 a.m. This compares to a 1.04% decline in the NSE Nifty 50.
The stock has fallen 51.93% in the last 12 months. Total traded volume so far in the day stood at 4.1 times its 30-day average. The relative strength index was at 29.
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 an upside of 15.3%.
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