Ola Electric shares fall nearly 8% on profit booking after surging 77% in a month

Shares of electric two-wheeler maker Ola Electric declined nearly 8% to hit an intraday low of ₹37.70 on the National Stock Exchange (NSE) on Monday, April 13. On the BSE, Ola Electric shares dropped as much as 7.8% to an intraday low of ₹37.71 on account of profit booking after witnessing a sharp rally over the past one month, analysts said.

In the last one month, Ola Electric shares have surged as much as 77% from March 13 closing price of ₹23 to hit ₹40.88 on Friday, April 10.

The sharp rise in Ola Electric shares in the last one month came after the company announced a whole host of developments. The company earlier this month said that its daily orders in the last week of March crossed 1,000 units and registrations surged to 10,117 units during the month from 3,973 units in February, translating to over 150% month-on-month (M-o-M) growth signalling a sharp resurgence in demand momentum. Market share also witnessed a V-shaped M-o-M recovery, with the company continuing to gain share through the month, Ola Electric said.

In March, Ola Electric also became the first EV brand in India to cross 1 million cumulative registrations (as per VAHAN data), marking a historic milestone for the company and a defining moment for India’s EV ecosystem, the Bengaluru-based company added.

Ola Electric last week announced the readiness of its in-house developed lithium iron phosphate (LFP) cell, which it claimed is a key milestone in its mission to boost electric mobility and build a full-stack energy ecosystem.

The new 46100-format LFP cell, which is developed as part of Ola’s vertically integrated battery innovation efforts, is bigger than the current NMC 4680 Bharat Cell. It represents a step change in scale, applicability and cost efficiency across both mobility and energy storage solutions and will be used in Ola’s products starting next quarter, the company said.

Meanwhile, in a boost to electric two-wheeler makers Delhi government's draft EV policy has called for banning petrol two-wheeler vehicles from registration from 2028. The policy also called foe phasing auto CNG and petrol three-wheelers and replacing them with electric three-wheelers.

As of 12:35 pm, Ola Electric shares traded 7% lower at ₹38.05, underperforming the NIFTY50 index NIFTY Smallcap 100 index which was down 0.35%.