Ola Electric hits 10% upper circuit, nearly doubles investors' money in 6 trading sessions post listing

The stock was trading 10% higher at ₹146.38 apeice on the National Stock Exchange (NSE)-- its upper circuit limit. Its market capitalisation stands at ₹64,565.7 crore.

On Friday, the stock soared 20% to hit the upper circuit at ₹113 apiece.

Shares of Ola Electric made their market debut on August 9. From the issue price of ₹76, the stock is currently up 92.6%.

Ola Electric revenue grows

Ola Electric Mobility last week reported a jump in revenue from operations in the April-June quarter of FY25 at ₹1,644 crore against ₹1,243 crore revenue recorded in the same quarter of the previous fiscal.

The June quarter has been a "good quarter" in terms of growth and profitability, Chairman and CEO Bhavish Aggarwal said in a post-earnings call.

Meanwhile, the group has rebranded its ride-hailing service as Ola Consumer announced a partnership with Open Network of Digital Commerce (ONDC) and launched automated warehousing solutions to cater to quick commerce requirements.

Besides, Ola said it will bring to the market the first indigenously designed and developed family of chips for AI, general and Edge computing by 2026 under its Krutrim venture.

Speaking at Sankalp 2024 - Ola's annual launch event on Thursday, Ola Founder Bhavish Aggarwal said currently, two-thirds of India's two-wheeler market consists of motorcycles, and it was imperative for the company to enter the segment.

"We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles," he said.

Aggarwal also said Ola's indigenously developed 'Bharat 4680' cell and battery pack will be integrated with its own vehicles starting in the first quarter of FY26. The company showcased its all-new Gen-3 platform for two-wheelers.

"Coupled with the integration of our cells in our vehicles starting early next year, we are determined to chart a new course for mass EV adoption across India," Aggarwal added.