Bhavish Aggarwal-led Ola Electric Mobility has started the new week of trade off to a wobbly start. The Bengaluru-based company’s shared started trading with a dip in its value.
The decline in the company shares amounted to over 1.2 per cent in the early hours of the day’s trade. However, the period of vacillation did not last. The decline narrowed to under 0.80 per cent, only to dip against, only to comeback, and the return to red.
The rollacosater rise of the company stocks continued as the trade progressed further.
At the time of writing, the company shares were trading in red. At 10:23 IST, the decline amounted to 0.30 per cent or Rs 0.17, taking its overall value to Rs 55.90 per share.
Putting Out Fires
This comes amid controversy surrounding the sales numbers of the company. According to a report, the company over-reported its sales, in which Ola claimed to have sold over 25,000 units of its vehicles in February while having registration for only over 8,000 units on Vahan Portal.
Ola Electric came back with a rebuttal and said that this was merely a case of backlog.
In addition, last week also the company showrooms across the country being raided over violation of regulatory norms.
Ola’s Surge Last Week
Despite all these issues, the company shares surged in the previous trade week, as though there was no tomorrow.
The Ola Electric shares ended the previous week with cumulative gains of 14.71 per cent or Rs 7.18 in 5 trading sessions or the past week of trade.
This took the overall value of the company listed on the National Stock Exchange (NSE) to Rs 55.98 per share.
With the next quarterly season and the end of the fiscal year around the corner, it remains to be seen, whether Ola Electrci maintains its momentum at the bourse or falters again. The company’s 52-week high point stands at Rs 157.40 per share.
