Ola Electric shares fall for fourth day in a row amid profit booking; check details

The stock plunged 3.4% to ₹126.8 apiece on the National Stock Exchange (NSE). Its market capitalisation stands at ₹55,933.7 crore

The stock has witnessed a spectacular rally since its listing on August 9, with Ola Electric Mobility Ltd surging as much as 107.1% to hit ₹157.4 on August 20.

From its all-time high, the scrip is trading 19.4% lower.

In the first quarter of this fiscal, Ola Electric's automotive segment EBITDA (Earnings before interest, taxes, depreciation, and amortisation) was almost break-even but for a one-time reversal of about ₹30 crore it had to pay for a change in standard operating procedure in the government for PLI rules, he said, adding the cell segment is at a different stage of evolution.

Ola Electric's net loss widened in the first quarter to ₹347 crore from ₹267 crore in the corresponding period a year ago. In FY24, the company's net loss was ₹1,586 crore.

Plans to make electric car shelved: Bhavesh Aggarwal

When asked if the electric car project is off the table, Aggarwal said, "Yes. We are not working on it right now. Our vision is to build products relevant for India and build 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 said.