Ola Electric shares jump over 3% after proposed rights issue; stock up 12% in five sessions

Two-wheeler electric vehicle (EV) manufacturer Ola Electric Mobility shares surged more than 3% after the opening bell on Thursday, September 24, as investors reacted to the company’s proposed rights issue of equity shares.

NSE data showed that Ola Electric shares jumped 3.4% to touch their early market high of ₹43.32 apiece on Thursday’s market, in comparison to ₹41.87 apiece at the previous equity market close.

However, the company’s stock soon reversed its early market gains after touching the day’s high due to selling pressure from investors. Trading volumes surpassed 95 million equity shares across NSE and BSE combined as of the morning market hours on Sept. 24.

With sell orders in the majority on NSE, the stock was witnessing downward pressure, trading 1.3% lower at ₹41.28 apiece as of 9:36 am (IST), according to the exchange data.

Ola’s stock was reacting on Thursday’s market as the EV maker disclosed its rights issue announcement after market hours on Wednesday, September 23.

Ola Electric rights issue

The exchange filings on Wednesday evening showed that Ola Electric is scheduled to hold a meeting of the board of directors on Monday, September 28, 2026, to consider the proposal of raising funds via the rights issue, subject to the necessary approval.

“Ola Electric today informed the stock exchanges that it is seeking Board approval for a proposed rights issue of equity shares. The rights issue route is being considered to enable participation by all eligible shareholders, including retail, institutional and promoter group, subject to applicable laws,” the company informed the stock exchanges.

Although Ola announced its intention to raise funds via the rights issue, the company is expected to release the details of the offering after the board meeting scheduled next week on September 28.

Subject to the board's approval in the upcoming meeting, the company would be required to take all the regulatory and statutory approvals before the final rights issue.

This comes after Ola Electric had earlier received approval to raise up to ₹1,500 crore, of which ₹780 crore has already been raised through a qualified institutional placement in June 2026.

If approved, this would be Ola’s subsequent method of fundraising from the market, a proposal that is pending approval by the board.

12% gains in five sessions

NSE data also showed that Ola Electric shares have risen around 12% in the last five trading sessions, and have delivered 10% returns to investors in the past one-month period.

On a year-to-date (YTD) basis, the company’s stock has risen 9.5% in 2026, but Ola shares have declined more than 27% in the last one year, as per the exchange data.

Ola Electric shares surged to a 52-week high of ₹59.20 apiece on September 23, 2025, while the stock dropped to its 52-week low earlier this year at ₹22.25 apiece on March 16, 2026.

The EV maker’s market capitalisation (m-cap) was at ₹19,226 crore as of the trading session on Thursday, September 24, 2026.