Bhavish Aggarwal-run Ola Electric sold 22,950 electric two-wheelers in September – around 17 per cent dip from last month when it received 27,586 e-scooters registered. On Monday, the EV firm's share skidded below Rs 100 for the first time, leaving retail investors jittery amid the company's inflated valuation.
According to data made public by the government for VAHAN, Ola Electric sold 22,950 e-scooters in September (till about 5 p.m. on September 30), and its vehicle registration graph has been consistently falling since the month of March when it sold 53,638 electric two-wheelers.
In July, it was 68%, and it declined to 31% in August. Meanwhile, on Monday, its shares closed at Rs 99.62 each, while at one time, it had touched a low of Rs 97.84 per share during the trading session.
The stock fell 20% in eight trading sessions and 38% from its fresh high of Rs 157.40.
The share of the electric two-wheeler maker has declined for the ninth straight session out of the last 11.
Tough luck with Ola Electric e-scooters. The flagship S1 series EV scooter from Ola Electric has turned into a living nightmare for hundreds of its customers who are constantly facing issues such as malfunctioning hardware and glitching software, and spare parts are proving a dime a dozen-a recipe for inordinate delays.
Market analysts describe that share is experiencing extreme volatility based on the challenges this company is facing and because of the increasing competition and service-related problems.
According to trade watchers, the stock has seen heavy profit-taking especially after the expiry of lock-in of anchor investors. The market share of Ola Electric would be going down further from here. Ambit Capital initiates coverage of the stock with a 'sell' rating on it and a target of Rs 100, now breached.
Read also| Ola Electric’s Market Share Falls to 31% in August, Continues to Decline
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