Ola Electric Shares Fall for the Sixth Consecutive Day, Down 29%

Since its listing last month, Ola Electric’s share price has closed in the red in 11 out of 18 sessions.

What Happened: Ola Electric extended its losing streak to the 10th consecutive session on Wednesday morning, dipping over 1% to an intraday low of ₹112.01. Over the last five sessions, the stock has declined by approximately 9%. Despite these recent losses, the stock remains 47% higher than its IPO issue price of ₹76.

The company’s sales also slumped in August, with its market share in the electric vehicle scooter segment dropping sharply from 49% at the end of the June quarter to 31% by the end of August. Meanwhile, competitors TVS and Bajaj Auto have gained market share, holding 20% and 19%, respectively.

Technical analysts have expressed mixed opinions on the stock as it has dropped nearly 26% from its peak of ₹157.40 on August 20.