Bhavish Aggarwal-run Ola Electric Mobility saw its share nosedive further to a fresh low of Rs 74.18 apiece on Tuesday after touching Rs 73.84 during the intra-day trading—losing almost 8.5 per cent in a day. The scrip of the EV firm has so far plunged 53.2 per cent from its all-time high value of Rs 157.47.
The company will announce its second quarter (Q2) FY25 results on November 8.
"We intend to inform you that a meeting of the Board of Directors of Ola Electric Mobility Ltd is proposed to be held on Friday, November 8, 2024, inter alia, for considering and approving the unaudited standalone and consolidated financial results of the company for the quarter and half year ended September 30, 2024, along with the Limited Review Report of the Auditors thereon," it said in a stock exchange filing.
According to market experts, the company's stock may further slip towards the Rs 70-mark. IT made its public debut at Rs 76.
The stock is in a weak position and remains in a 'no-trade' zone, said market analysts.
For the first time in Ola Electric's listing history, its share slipped below the issue price of Rs 76 on October 29.
Shares of Ola Electric were listed in the stock market this August. Since listing, a sharp rally was witnessed in Ola Electric, and the counter touched an all-time high of Rs 157.40 before starting a steep fall and has slipped nearly 50 per cent from its highest level.
Market experts said that if Ola's stock continues to trade below its IPO price of Rs 76 for a few days, it may continue to decline further due to selling by institutional investors and retail investors. "Selling is being seen in shares at every level. Due to continued weakness, investors should stay away from this stock and invest in companies with strong fundamentals," they added.
Weakness in shares of Ola Electric was due to poor sales and bad service.
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