No stop in Ola Electric’s decline, shares slipped 48 percent from all-time high
New Delhi| The decline in Ola Electric shares continues. Continuous weakness is being seen in the stock. The stock also slipped below Rs 80 in the trading session on Wednesday. However, the stock closed marginally higher at Rs 81.76 at the end of the day.
Ola Electric shares opened with a decline in the trading session. The stock touched a low of Rs 79.15 in early trade. During this time, the share made the highest of Rs 83. Ola Electric’s share was listed in August 2024. The stock had seen a big rise after the listing and the stock had made a high of Rs 157. Since then, a continuous decline is being seen in the stock. According to Wednesday’s close, the stock has fallen nearly 48 percent from its highest level.
Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares & Stock Brokers, said Rs 76 will act as a support level for Ola Electric and at the same time, 86 is an interruption level. If it closes above Rs 86, it can go up to Rs 98. In the short term it can stay in the range of Rs 84 to Rs 98.
Other market experts say the strong support of Rs 86 at Ola Electric has been broken and the next target is Rs 75. Also told that the trend in the counter continues to be negative. Experts further said that the stock is seeing a steady decline after touching the highest level of Rs 157 after the listing. Now this IPO price has come around Rs 76. The stock position remains weak and selling is being seen at every level.
Also said that in view of weakness, investors should stay away from this stock and invest in stocks with strong fundamentals. The reason for the fall in Ola Electric shares is the decline in sales and service related problems. According to information provided on the government portal Vahan, 24,665 e-scooters were sold in September from Ola Electric. In August, the figure was 27,587.
