Ola electric shares lose two-thirds of value from 52-week highs

MUMBAI: Ola Electric Mobility is witnessing a massive decline in its share price, losing two-thirds of its value since its peak in August 2024.

The stock, which hit an all-time high of Rs 157.53 on August 20, 2024, is now trading at Rs 53.80, reflecting a steep discount of 66 per cent. This sharp decline is attributed to a combination of factors, including falling sales, accumulating losses, and regulatory hurdles.

On Monday, shares of the electric two-wheeler manufacturer fell nearly 5 per cent following reports of store raids, vehicle seizures, and the shutdown of showrooms. This drop mirrors a similar decline the company experienced recently when it laid off nearly 1,000 employees as part of cost-optimization measures.