Shares of Ola Electric Mobility continued to fell for the third consecutive session and hit a new 52-week low of Rs 31.41 on the BSE in the opening session. The stock started the trading session in the red at Rs 32.79 against the previous close of Rs 32.92 and dipped further amid selling pressure to touch the low of Rs 31.41, a fall of 4.58 per cent from the last closing price. Last seen, the stock was trading at Rs 31.87 with a fall of 3.19 per cent and the market cap of the company stood at Rs 14,057 crore. On the National Stock Exchange (NSE), the stock opened at Rs 32.80 and touched the low and high of Rs 31.42 and Rs 33.44 respectively.
What's behind the fall?
The fresh correction in the stock comes as Ola Electric founder Bhavish Aggarwal has sold another 4.2 crore shares via open market, valued at Rs 142 crore, to settle a promoter loan. The latest development comes a day after the founder sold more than 2.6 crore shares in a bulk deal at Rs 34.99 apiece, a transaction valued at around Rs 92 crore. However, the company said these actions are solely personal and won't affect overall control or strategic direction.
The combined value of two sales amount is around 6.8 crore shares being offloaded within a span of two days.
Ola Share Price History
According to BSE Analytics, the stock has corrected 67.15 per cent in one year. On a year-to-date basis, the scrip has dipped 63.26 per cent as against the positive return of 7.78 per cent by the benchmark index in the same period.
The stock had debuted in the secondary market in August 2024 at Rs 75.99, marginally lower than the issue price of Rs 76. However, the counter had surged by 19.97 per cent on the same day to hit the upper circuit limit of Rs 91.18.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
