Ola Electric shares were trading lower on Monday, giving up early gains, after the stock was moved out of surveillance.

What Happened: The electric vehicle company rose briefly after it exited the short-term additional surveillance measure on Friday. However, the company's market share saw a huge drop to 31% at the end of the August from the 49% share it held at the end of the June quarter.

The Bengaluru based firm was put under the surveillance measure last month after continues sessions of volatile trading. Bourses BSE and NSE have put the securities of Ola Electric under the framework to caution investor about its volatility.

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Last month, the stock’s price band was also revised downwards to 10% by the exchanges. This means that the stocks could only move by 10% in either direction. Stock exchanges implement price bands as a monitoring tool to control excessive volatility. The BSE's circuit filter system restricts the daily price changes of listed securities by establishing upper and lower limits on their price movements.

The Bengaluru-based firm saw a flat listing in the bourses on August 9. Ever since then the stocks has been volatile amid new product launches and brokerage’s optimism, seeing its value double in just six trading sessions.

Price Action: Ola Electric was trading 1.83% lower at ₹115.77 on Monday morning.

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