Shares of Ola Electric Mobility Ltd. surged over 9% on Wednesday after the electric scooter manufacturer unveiled new two-wheelers aimed at India's gig workers, even as the company reels under service-related issues.
Ola Electric introduced two new electric two-wheeler ranges, with two models under each line-up, along with a portable battery pack that doubles up as a home inverter using the Ola PowerPod.
Both ranges offer swappable batteries, while three of the four newly launched variants can accommodate up to two 1.5 kWh battery packs. The vehicles have been designed for city commute.
The Ola S1 Z and Ola Gig e-scooter ranges starts at a price of Rs 39,000. Bookings are open and the deliveries will start from April next year, Chief Executive Officer Bhavish Aggarwal said in a post on social media platform X.
The electric scooter maker has laid off 100 employees every week since its service-related woes came to the fore nearly two months ago. In a post-earnings call on Nov. 8, Ola Electric acknowledged that its service centres were facing overcapacity.
Ola Electric Share Price Today
Ola's stock rose as much as 8.19% during the day to Rs 79.4 apiece on the NSE, its highest intraday gains since Sept. 17. It pared gains and was trading 7.83% higher at Rs 79.1 apiece, compared to a 0.04% decline in the benchmark Nifty 50 as of 10:32 a.m.
It has fallen 13% since its listing on Aug. 9 this year. Total traded volume so far in the day stood at 4.1 times its 30-day average. The relative strength index was at 39.
Five of the seven analysts tracking the company have a 'buy' rating on the stock and two have a 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 37%.
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