After an explosive rally, could Ola Electric’s stock be losing its spark
Once riding high at 157.53 rupees, shares have nosedived to 74 rupees – now even below the issue price.
So, what’s fueling this steep descent?Ola Electric Mobility’s shares took a hit in intraday trading on Tuesday, October 29, dropping nearly 4 percent to 74.82 rupees, marking a new low since listing.
This dip pushed the stock below its issue price of 76 rupees for the first time, sparking concerns among investors.The stock was launched on August 9, 2024, with a flat debut at 75.99 rupees on the BSE and 76 rupees on the NSE, despite the favorable market conditions at the time.
Initially, the market responded with enthusiasm, and Ola Electric soared over 107 per cent within days of listing, reaching an impressive peak of 157.53 rupees on August 20, 2024.
This rapid fall has investors questioning: Was the early momentum just a flash in the pan? Is Ola Electric’s growth story sustainable in the long run, or is it feeling the heat of market volatility?
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