Ola Electric was down for the fifth straight session on Monday, paring gains from its first few days of trading after the stock debuted on the bourses earlier this month.

What Happened: Ola Electric has been on a downward spiral with the company plunging 18% in the last five sessions. The stock, currently trading at around ₹121 has lost about 23% from its record high ₹157. Despite the drop, the stock has risen nearly 33% ever since its listing on August 9.

Last week, the price band for the Bengaluru-based firm was revised downwards to 10%. This means, that the stock can fluctuate only by 10% in either direction. Stock exchanges implement these price bands as a surveillance measure to control excessive volatility.

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The stocks of the electric two-wheeler maker was listed on the exchanges at ₹76 apiece. Ever since then, the shares have been volatile — so much so that the stock price doubled its value within just six days of its IPO.

Earlier, shares of the company were upbeat despite gloomy Q1 results. The company’s net loss widened by 30% to ₹347 crore for the April to June period. However, HSBC has been optimistic of the company’s future, the brokerage said in August after it initiated coverage of the stock with a “buy” recommendation and a target price of ₹140.

Ola Electric also became the only two-wheeler and pure electric vehicle (EV) manufacturer to receive PLI certification for four products: S1 Air, S1 Pro and the two S1 X models. Two of its scooter models, the S1 X 3 kWh and S1 X 4 kWh, met the strict minimum localisation requirement of 50% as mandated by the Ministry of Heavy Industries, the company said earlier.

Price Action: Shares of Ola Electric were down 4.35% to ₹120.77 on Monday.

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