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3 min read | Updated on March 17, 2025, 19:03 IST
SUMMARY
The ongoing correction has wiped out ₹90 lakh crore of investor wealth. Last month, the NIFTY50 index dropped for the fifth straight month, marking its longest spell of monthly losses since inception.
Ola Electric shares have tumbled a whopping 70.22% from a 52-week high of ₹157.40.
The Indian equity benchmarks are going through a phase of correction with NIFTY50 index down 14.34% from its record high of 26,277.35 and SENSEX down 13.73%. The factors driving this decline include weak earnings growth reported by Indian companies and worries over US tariffs impacting the sentiment for equities. The ongoing correction has wiped out ₹90 lakh crore of investors’ wealth. Last month, the NIFTY50 index dropped for the fifth straight month, marking its longest spell of monthly losses since inception.
The stock came under heavy selling pressure after it informed exchanges over the weekend that an operational creditor, Rosmerta Digital Services Limited, to its subsidiary Ola Electric Technologies Private Limited has filed an insolvency petition against the company before the Bengaluru Bench of the National Company Law Tribunal.
Meanwhile, Ola Electric's loss in the December quarter widened to ₹564 crore from ₹376 crore in the year-ago period.
The telecom department had asked Vodafone Idea to submit a bank guarantee for spectrum that it had acquired after 2015.
The stock came under selling pressure after it reported a sharp decline in December-quarter profit. The company reported a net profit of ₹86 crore in the third quarter of the current financial year, marking a decline of 65% from ₹245 crore in the same period last year.
Its revenue from operations declined 12% to ₹2,612.86 crore from ₹2,929.54 crore in the year-ago period.
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