Ola Electric shares tumble 6% to hit 52-week low post block deal; check all details

As many as 2.41 crore shares, or 0.55% equity of Ola Electric worth ₹107 crore, changed hands in block deals. The equity changed hands at an average of ₹44 per share.

At 10:15 AM, shares of Ola Electric tumbled 4.84% to ₹43.85 apiece on the National Stock Exchange. The stock had touched its 52-week low of ₹43.16 per share during the intraday period.

According to the NSE data, the counter of Ola Electric saw 3.33 times higher trading volume than the daily average. 

Previously, on June 3, Ola Electric had witnessed another block deal. Around 14.22 crore shares were changed hands in the block deal worth ₹731 crore at an average price of ₹51.4 per equity share. Reports suggested that Hyundai Motor India was the seller.

The Bhavish Aggarwal-led firm had reported a consolidated net loss of ₹870 crore in the January-March quarter of the financial year 2024-25. It had posted a net loss of ₹416 crore in the fourth quarter of 2023-24.

The revenue from operations slipped 61.76% to ₹611 crore as against ₹1,598 crore a year back.

For FY25, the company recorded a net loss of ₹2,276 crore compared to ₹1,584 crore in FY24. Its revenue slid to ₹4,514 crore from ₹5,010 crore in 2023-24.

Ola Electric Mobility is targeting to turn profitable in FY26. “FY26 will be focused on scaling revenue and operating leverage as the company marches towards sustainable profitability," the company said.

The ride-hailing platform Ola last week implemented a zero per cent commission model nationwide, enabling over a million driver partners to fully retain their fare earnings with no ride or income limits.

As part of the initiative, drivers can choose their plan and keep the entire fare, with no deductions or limits, the company had said.