Ola Electric Mobility Share Price Highlights October 8, 2024: Ola Electric stock closes 5% higher

Ola Electric Mobility has received a show cause notice from the Central Consumer Protection Authority for alleged violation of consumer rights, misleading advertisement and unfair trade practices. However, shares rebounded to close 5% higher on Tuesday, a day after it settled 8% lower amid Ola CEO’s spat on Twitter/ X on the service quality issues of its electric scooters. 

After opening Tuesday’s trade below ₹90 mark, shares of Ola Electric Mobility have closed 5.15% higher on the NSE and BSE at ₹95.50 each.

The share price of Ola stood at ₹94.80 on the NSE, higher by 4.38% as at 3.08 pm.

The stock of Ola Electric traded at ₹91.86 on the NSE, up 1.15% as at 1 pm.

Ola Electric shares rose 1.22% on the NSE to ₹91.93 as at 12.04 pm.

Shares of Ola Electric Mobility Limited were trading at ₹89.05, down by ₹1.77 or 1.95 per cent on the NSE as of 10:10 am today. This follows a sharp decline in the stock price yesterday when it traded down by around 8.88 per cent.

The electric vehicle manufacturer has been given 15 days to respond to the notice.

Ola Electric stated, it would provide supporting documents within the given timeframe. The company’s Chief Financial Officer, Harish Abichandani, signed the intimation.

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The Central Consumer Protection Authority has issued a show cause notice to OLA electric mobility for customer right violation, the company informed the exchange in a filing on Tuesday.

The notice by the authority has been issued for alleged violations of consumer rights, misleading advertisements, and engaging in unfair trade practices. The notice reportedly addresses various consumer grievances and concerns, although the details of specific allegations remain undisclosed.

The company in its filing, acknowledged the receipt of the notice and stated, “The Company will file a reply to the Show Cause Notice before the Central Consumer Protection Authority.”

The company also clarified that the show cause notice has no immediate impact on its financial, operational, or other business activities.

Notably, the notice issued by the CCPA does not impose any penalties or financial fines at this stage. The company emphasized that it would cooperate with the regulatory body and provide the necessary explanations to address the issues raised.

The notice from the CCPA is seen as a formal step taken by the authority to address concerns related to consumer protection.

As the company prepares to respond to the CCPA, the industry and consumers will be closely monitoring the outcome of this regulatory scrutiny.

Ola Electric, a key player in India’s burgeoning electric vehicle market, remains under the spotlight as it seeks to maintain its market position amid increasing challenges. (ANI)

Shares of Ola traded at ₹88.97 on the NSE, lower by 2.04% as at 10.19 am.

Ola Electric Mobility has received Show Cause Notice from the Central Consumer Protection Authority for alleged violation of consumer rights, misleading advertisement and unfair trade practices. 

Shares of Ola Electric Mobility declined up to 10 per cent before settling lower by 8 per cent on Monday amid reports of service quality issues of its electric scooters and its CEO’s spat on social media.

On the BSE, Ola Electric shares tumbled 8.31 per cent to settle at Rs 90.82 apiece, marking the third straight day of losses. The stock plunged 9.43 per cent to a low of Rs 89.71 on BSE.

Ola Electric Mobility slumped 8.38 per cent to close at Rs 90.75 apiece on the National Stock Exchange (NSE). The stock tanked 9.59 per cent to hit a low of Rs 89.55 on the NSE.

In the volume trade, 1.15 crore equity shares were traded on the BSE and 9 crore shares changed hands on the NSE during the day.

The 30-share BSE Sensex tumbled 638.45 points or 0.78 per cent to settle at 81,050, while NSE Nifty slumped 218.85 points or 0.87 per cent to end at 24,795.75.

The slide in the shares came after a war of words broke out between Ola founder Bhavish Agarwal and stand-up comedian Kunal Kamra on Sunday on social media platform X over the after-sales and service quality.

The controversy started when Kunal Kamra responded to a post on X by Agarwal, who posted a photo of Ola’s gigafactory, by putting a picture of several Ola Electric scooters parked together seemingly waiting for servicing.

In response to Kamra’s tweet, Bhavish Aggarwal called him a failed stand-up comic and his tweet a “paid one” asserting that Ola Electric is rapidly expanding its service network and will clear all the backlogs “soon.” Further, many Ola Electric consumers jumped into the spat and complained about the service quality of the company, asking Agarwal to address their issues.

In August this year, Ola Electric Mobility was listed at an issue price of Rs 76. It quickly doubled from its issue price to make a post-listing high of Rs 157.4. Since touching the all-time high, the stock is down 43 per cent from those levels.

Ola Electric has been losing market share to legacy auto players like Bajaj Auto and TVS Motor as they ramp up their push within the EV space.

Ola Electric Mobility shares closed at ₹137.91 on the NSE, up 0.09%. 

On the BSE, the shares inched 0.10% at ₹137.86.

Shares of Ola Electric Mobility traded at ₹137.49 on the NSE, down by 0.22% as at 1 pm.

On the BSE, the stock traded at ₹137.79, up 0.05%.

The rapid rise in Ola Electric Mobility Ltd. shares is vindicating the founder’s push to list the company despite initial skepticism over valuation. 

The stock has surged nearly 90% in less than two weeks, bringing its market capitalization to over $7 billion. The company’s initial public offering was India’s biggest in two years and saw participation from across investor segments.

The jump has helped founder Bhavish Aggarwal achieve his target valuation much sooner than expected, buoyed by strong investor demand in India’s hot IPO market. The country’s biggest e-scooter maker went ahead with the offering at a lower value after facing investor pushback amid concerns over its profitability.

“There is a serious belief among investors in India’s electric vehicle story,” said Aishvarya Dadheech, chief investment officer at Mumbai-based Fident Asset Management Pvt. “The gush of domestic liquidity is driving investors to seek exposure to newer themes and investment ideas and the EV sector is one of the biggest beneficiaries.”

Ola Electric shares rise 1.39% on the NSE to trade at ₹139.70 as at 10.21 am.

On the BSE, the stock trades at ₹139.15, higher by 1.04%.

Ola Electric received the compliance certification under the production-linked incentive (PLI) scheme for its mass-market scooters S1 X 3kWh and S1 X 4kWh.

“Both the S1 X 3 kWh and S1 X 4 kWh scooters have successfully met the stringent minimum localisation criteria of 50 percent, as mandated by the Ministry of Heavy Industries,” company said in a stock exchange filing.

Shares of Ola Electric Mobility traded at ₹136.75 on the NSE, down by 0.75% as at 9.55 am on Wednesday. 

On the BSE, the stock traded at ₹137, down by 0.52%.

Shares of Ola Electric Mobility closed at ₹137.38 on the NSE, lower by 6.15%. 

On the BSE, the stock ended at ₹137.33, down by 5.96%.

EV maker Ola Electric reported revenue from operations of ₹1,644 crore for the quarter ended June 30, 2024, up 32.3 per cent from ₹1,243 crore in the corresponding quarter of the previous financial year.

Consolidated net loss stood at ₹347 crore (₹267 crore). However, on a sequential basis, the net loss narrowed from ₹416 crore reported in the January-March quarter.

Bhavish Aggarwal-led company’s EBITDA loss was at ₹205 crore (₹218 crore).

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Ola shares tanked 8.94% on the NSE, trading at ₹133.30 as at 2.06 pm.

Ola Electric Mobility shares shed 6.5% at 137 rupees, set to snap three-session winning streak

Stock still up 80% from listing price

Reuters

Ola Electric Mobility shares dropped 6.33% on the NSE, trading at ₹137.12 as at 12.08 pm.

On the BSE, the stock declined 6.10% to trade at ₹137.12.

Ola Electric Mobility shares declined 1.71% on the NSE to trade at ₹143.88 as at 10.33 am. 

On the BSE, the shares were down 1.93% to trade at ₹143.21.

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Ola Electric Mobility shares plunged 3.91% on the NSE, trading at ₹140.66 as at 10.09 am.

On the BSE, the stock dipped 2.57% to trade at ₹142.27 as at 10.11 am.

The stock on Monday closed 10% higher. 

“While the long-term potential of Ola Electric, especially given the EV market’s favorable outlook, might be appealing, the current valuation appears to be quite speculative. Investors should be cautious, especially given the company’s ongoing losses and the high volatility in its stock price. For new investors, it may be wise to wait for a more stable entry point or consider the stock as a long-term play with a high risk-reward ratio. Meanwhile, at their annual ‘Sankalp’ event, the company introduced four new motorcycles across various price ranges. While motorcycles dominate the broader two-wheeler market in India, their share in the EV segment is currently just 1%, offering significant growth potential for the company. The launch is expected to positively impact as the company benefits from a first-mover advantage in the electric motorcycle segment. and the potential for increased market penetration, Ola is likely to see enhanced revenue visibility over the long term. This strategic move could further strengthen its position in the EV market, contributing to sustained growth in its share price.”

On the BSE, Ola Electric Mobility stock rallied to hit a fresh high at ₹157.53, and on the NSE, the stock hit a new high at ₹157.40 in early trade on Tuesday.

Ola Electric Mobility stock continues its bull run to hit a fresh high crossing ₹150 mark in early trade on Tuesday. 

The stock on Monday closed at ₹146.38 on the ​​NSE ​​and at ₹146.03 on the ​​BSE​​, higher by 10 per cent.

Shares of Ola Electric closed at its upper circuit on the stock exchange. On the NSE, the stock was up 9.99% to close at ₹146.38. 

On the BSE, the stock closed at ₹146.03, higher by 10%.

Three firms backed by SoftBank have made solid Mumbai debuts in the past week. Shares of e-scooter maker Ola Electric Mobility Ltd., the biggest of the initial public offerings, have surged 75%. Software maker Unicommerce eSolutions Ltd.’s shares also gained about 75% while baby-products retailer Brainbees Solutions Ltd.’s are up more than 40%. 

The market is bustling with big debuts. Ola raised about $733 million in what was the nation’s largest IPO in about two years.

Bloomberg report

Ola Electric Mobility shares traded at ₹146.38 on the NSE, higher by 9.99% as at 2.15 pm.

Ola Electric shares again mount to trade at the upper circuit on the NSE (₹146.38), higher by 9.99%.

Investors in the IPO must be laughing all the way, as shares of the pure electric vehicle company jumped nearly 75 per cent against the IPO price of ₹76.

According to HSBC Global Research, despite its conservative view on EV penetration in India along with other uncertainties, the global advisory firm believes Ola is still worth investing in.

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Ola Electric Mobility recently reported revenue from operations of ₹1,644 crore for Q1 — up 32.3 per cent from ₹1,243 crore in the corresponding quarter last year. However, its consolidated loss widened to ₹347 crore (₹267 crore). But, on a sequential basis, the net loss narrowed from ₹416 crore.

The June quarter has been a “good quarter” in terms of growth and profitability, Aggarwal said in a post-earnings call.

Ola Electric recently launched three electric motorcycles and announced the integration of its battery cells in its vehicles.

The electric motorcycle portfolio, ‘The Roadster Series‘ has three motorcycles – Roadster X, Roadster and Roadster Pro. The introductory price of the e-bikes start at ₹74,999.

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The company’s total market valuation stood at ₹64,565.73 crore.

Ola Electric Mobility shares hit the upper circuit on the NSE and BSE. Shares traded at ₹146.38 on the NSE, higher by 9.99%. 

On the BSE, the stock was up 10% to trade at ₹146.03 as at 10.05 am.