Bhavish Aggarwal-run Ola Electric began the month of August, which marked its lowest monthly sales this year, and nosedived further to 31 per cent as sales fell 34 per cent sequentially to 27,506 units. As per the data on vehicle registration available at the central government's Vahan portal, Ola Electric held a 31 per cent market share in India's electric two-wheeler market in August as the closest rivals TVS and Bajaj Auto logged 20 and 19 per cent market share respectively.
These retail sales of the company are the lowest in the calendar year to date, down 34 per cent from 41,711 units it sold in July. In all, 88,451 electric two-wheelers were registered in August 2024, against 62,767 units in the year-ago period — a growth of 41% year-on-year, VAHAN data showed. But sequentially, the industry has shrunk 41.5 per cent.
Volumes of the TVS iQube and Bajaj Chetak models have jumped after the incumbents introduced newer, cheaper variants. Its share fell once again on Monday and were trading at Rs 114 apiece during intra-day trade.
Shares of Ola Electric have plummeted over 27 per cent from their all-time high of Rs 157.53 apiece, thus keeping investors jittery amid profit booking and overall volatility in the markets. Ola Electric stock had a muted market debut on August 9 but saw strong buying after listing. Presently, the stock has encountered selling pressure after scaling its all-time high.
Market analysts believe that the stock is overinflated, is further correcting, and only those with a high-risk appetite should go for it. Experts said the company's stock isn't looking good and may further slip towards the Rs 110 levels in the near term.
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