New Delhi, July 1 Bhavish Aggarwal-led Ola Electric sold 20,189 electric scooters in the month of June -- a massive 45 per cent drop (year-on-year) compared to 36,859 units from the same month previous year (June 2024), the government's VAHAN data showed on Tuesday.
This decline has taken a toll on its market share, which has shrunk from 46 per cent in June 2024 to just 19 per cent now.
The situation is no better on the stock market. Ola Electric, which is nearing the one-year mark since its public listing, has seen its share price fall steeply.
On Tuesday afternoon, the stock was trading at Rs 42 on the National Stock Exchange (NSE), down Rs 1.16 or 2.69 per cent.
The share also touched its 52-week low of Rs 41.82 today, far below its 52-week high of Rs 157.4.
Over the past one month, the stock has lost 21.74 per cent of its value. Compared to its listing price of Rs 76, the stock is now down 43 per cent.
The long-term view is even more worrying. In the last six months, the share price has fallen by more than half -- 51.25 per cent -- and over the past year, it is down 53.9 per cent.
Investor sentiment took a further hit earlier in June when a large block deal took place. Around 14.22 crore shares worth Rs 731 crore changed hands, reportedly with Hyundai Motor Company as the seller. The average selling price was Rs 51.40 per share.
On the financial side, Ola Electric has reported disappointing results for the fourth quarter (Q4) of FY25.
The company posted a net loss of Rs 870 crore, which is more than double the Rs 416 crore loss it had in the same quarter of the previous year.
Its revenue from operations also fell by 62 per cent year-on-year (YoY), dropping to Rs 611 crore.
This was mainly due to lower vehicle deliveries, which stood at 51,375 units in Q4 FY25 -- down from 1.15 lakh units a year ago.
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