Ola Electric’s astronomical resurgence, which marked its presence in the first half of December, now appears to have tapered down significantly. The Bhavish Aggarwal-led company’s shares have dipped consistently dipped over the past few trading weeks.
Ola’s Week Of Red
The last trading week was not any different, as the company shares further crumbled in the trading sessions before the end of 2024.
This decline is largely attributed to the overall decline that the Indian markets themselves have experienced over the past week. This week, in fact, is said to have been one of the worst trading weeks in 2024.
Markets Spirits Sway Ola
For context, the benchmark index of BSE Sensex dropped by a monumental 4.80 per cent or 3,932.86 points, slipping to 78,041.59. Meanwhile, at the NSE end, the NSE Nifty dropped by 4.52 per cent in the five trading sessions that concluded on Friday, December 20.
Ola Electric which enjoyed a euphoric return to form following its new product launches rode on investor confidence, sailing out of its slump in the months after its listing on August 9, 2014.
Ola Electric Shares
On Friday alone, the company shares dropped by a significant 2.75 per cent or Rs 2.62. This came to pass after Ola shares opened at Rs 95.60, slightly higher than the previous day’s Rs 95.12.
This momentary surge, however, did not last for long, as the company shares dropped.
When we look at the overall picture of the last week, the Ola Electric shares dropped in value by an even greater margin. The company shares slipped into the crack and dipped by 3.80 per cent or Rs 3.65.
This decrease took the overall value of the company shares to Rs 92.50 by the end of the week. The company’s 52-week high stood at Rs 157.40.
It is not necessarily all in red, as Ola Electric shares’ performance in the past month of trade is positive. In the past month, the company shares have cumulatively flousrihed by 33.79 per cent or Rs 23.36.
