Mumbai, Dec 8 Ola Electric Mobility’s shares have plunged nearly 80 per cent from their post-listing peak, slipping into a deeper slump as the stock continues to fall for the seventh straight session.
Heavy selling, weak guidance and technical breakdowns have pushed the stock far below its IPO price, raising fresh concerns among investors.
The stock has also dropped more than 50 per cent from its IPO price of Rs 76 per share.
At the closing bell, the shares were down by Rs 1.09 or 3.07 per cent at Rs 34.41. During intra-day trade, the shares of Ola Electric Mobility Limited dropped 4 per cent and extended their losing streak to seven consecutive trading sessions.
The stock has managed to rise in only five of the last 25 sessions -- reflecting persistent selling pressure.
The company’s market capitalisation has slipped below Rs 15,000 crore, compared to over Rs 65,000 crore when the stock hit its peak after listing.
Trading activity remained unusually high on Monday. During intra-day, more than 6 crore shares had changed hands, far exceeding the stock’s 20-day average trading volume of 1.6 crore shares.
Analysts note that the stock has been under pressure since early November, when it broke below its key moving averages and has stayed below them since then.
Market share trends also remain a concern. According to the latest VAHAN data, Ola Electric’s market share stood at 6.7 per cent at the start of December.
Meanwhile, the company recently announced in an exchange filing that it has begun mass deliveries of its 4680 Bharat Cell-powered vehicles, which promise improved range, performance and safety.
However, the company’s financial outlook has dampened sentiment. At the end of the second quarter, Ola Electric revised its full-year revenue guidance sharply lower, now expecting between Rs 3,000 crore and Rs 3,200 crore instead of the earlier estimate of Rs 4,200 crore to Rs 4,700 crore.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor