Ola Electric shares continue to fall
New Delhi| Ola Electric, which is in the news for malfunctioning hardware and software in its electric scooter, is witnessing a continuous decline in its shares. The stock has seen a decline of more than eight percent in the last one week and the share price had fallen to the level of Rs 101 in Friday’s trading session. Bhavish Aggarwal-led Ola Electric’s share closed at Rs 102.18 per share on Friday. Regarding shares, the market analyst said that investors should wait for the right opportunity for entry.
The stock has been witnessing a continuous decline for more than a month. The share has slipped 35 percent from the August 20 all-time high. Rajesh Sinha, senior research analyst at financial services firm Bonanza, told IANS that Ola Electric shares are facing fluctuations after the IPO. The reason for this is the slowdown in demand for EVs and issues related to services. Sinha further said that Ola Electric’s market share has declined from 39 percent to 31 percent due to falling sales.
Despite these concerns, many foreign brokerage houses remain positive about Ola’s shares. However, some reports have said that after purchasing Ola Electric’s EV scooter, customers have to wait for a long time in the service center due to shortage. According to reports, customers are facing many problems including software, hardware in Ola Electric EV scooter. Due to less service center, one has to wait a long time to get the scooter repaired.
