Ola Electric sees profit booking, shares down over 3%; check details

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2 min read | Updated on August 22, 2024, 12:38 IST

SUMMARY

Shares of the electric two-wheeler maker made their market debut on August 9. From the issue price of ₹76, the stock is currently up 75.2%. It had hit an all-time high of ₹157.4 on Tuesday, August 20.

Established in 2017, Ola Electric Mobility Limited manufactures Electric Vehicles (EVs) and EV components like battery packs, motors, and vehicle frames.

Ola Electric shares were trading lower on Thursday, as investors booked profits after the stock doubled from its issue price.

The scrip was trading 3.5% lower at ₹133.2 apiece on the National Stock Exchange.

On Tuesday, Ola Electric announced that it has received production-linked incentive (PLI) certification for the e-scooters S1 X 3 kWh and S1 X 4 kWh.

"Both the S1 X 3 kWh and S1 X 4 kWh scooters have successfully met the stringent minimum localization criteria of 50%, as mandated by the Ministry of Heavy Industries," the company informed in an exchange filing.

Electric car off the table: Ola Electric CMD Bhavish Aggarwal

Ola founder and CMD Bhavish Aggarwal said that the electric car project is off the table for now.

In a conversation with news agency PTI, he said, "We are not working on it right now. Our vision is to build products relevant to India and technologies to enable those products at scale, and we're going in a sequence: two-wheelers and then other products."

"India needs to build a sustainable paradigm of energy and automotive. The global solution for sustainability is (electric) luxury cars... That's not relevant for India. India is (electric) two-wheelers, three-wheelers, maybe small cars," he added.

Aggarwal announced in 2022 that Ola Electric would enter the electric car segment. The company will launch its first model by 2024 and maintain an ambitious target of selling 10 lakh electric cars by 2026-2027.

About The Author

Kamal Joshi is a business journalist who covers industries, markets and IPOs. He is passionate about breaking news and enjoys playing tennis, where he loves flexing his backhand.

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