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What is the story about?
Shares of Ola Electric Mobility Ltd. are down another 4% on Monday, December 8, extending their losses for the seventh straight day.
The stock has gained in only five out of the last 25 trading sessions.
With this fall, the stock has declined nearly 80% from its post-listing high of ₹157, and is down more than 50% from its IPO price of ₹76 apiece.
As per the most recent VAHAN data, Ola Electric had a market share of 6.7% at the start of December.
The stock is also declining on significant volumes. Over 6 crore shares have been traded on the stock as of 2:10 PM, compared to its 20-day average of 1.6 crore shares.
Ola Electric Mobility's stock broke below its key moving averages at the start of November, and have remained below those averages since then.
As a result of this fall, Ola Electric's market capitalisation has slipped below the mark of 15,000 crore. At its post-listing high, that figure stood in excess of ₹65,000 crore.
In an exchange filing on Sunday, Ola Electric mentioned that it has commenced the mass deliveries of 4680 Bharat Cell powered vehicles, which deliver more range, better performance, and enhanced safety.
At the end of the second quarter, Ola Electric cut its revenue and margin guidance for the full year. It now sees revenue between ₹3,000 crore and ₹3,200 crore from ₹4,200 crore to ₹4,700 crore projected earlier. Margins for the auto business is now seen around 5% from the earlier target of above 5%.
Eight analysts now have coverage on Ola Electric, of which three have a "buy" rating, one says "hold", while four have a "sell" rating. Emkay has the highest price target on the street for Ola Electric at ₹65 apiece, while Kotak Securities has the lowest target at ₹25.
The stock has gained in only five out of the last 25 trading sessions.
With this fall, the stock has declined nearly 80% from its post-listing high of ₹157, and is down more than 50% from its IPO price of ₹76 apiece.
As per the most recent VAHAN data, Ola Electric had a market share of 6.7% at the start of December.
The stock is also declining on significant volumes. Over 6 crore shares have been traded on the stock as of 2:10 PM, compared to its 20-day average of 1.6 crore shares.
Ola Electric Mobility's stock broke below its key moving averages at the start of November, and have remained below those averages since then.
As a result of this fall, Ola Electric's market capitalisation has slipped below the mark of 15,000 crore. At its post-listing high, that figure stood in excess of ₹65,000 crore.
In an exchange filing on Sunday, Ola Electric mentioned that it has commenced the mass deliveries of 4680 Bharat Cell powered vehicles, which deliver more range, better performance, and enhanced safety.
At the end of the second quarter, Ola Electric cut its revenue and margin guidance for the full year. It now sees revenue between ₹3,000 crore and ₹3,200 crore from ₹4,200 crore to ₹4,700 crore projected earlier. Margins for the auto business is now seen around 5% from the earlier target of above 5%.
Eight analysts now have coverage on Ola Electric, of which three have a "buy" rating, one says "hold", while four have a "sell" rating. Emkay has the highest price target on the street for Ola Electric at ₹65 apiece, while Kotak Securities has the lowest target at ₹25.
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