Since its listing last month, Ola Electric‘s share price has ended in the red in 11 out of the 18 sessions.
What Happened: Ola Electric extended its losses to the 10th straight session on Wednesday morning, going down over 1% to hit an intraday low of ₹112.01. In the last five sessions, the stock has sunk around 9%. The stock, however, is still trading 47% higher than its IPO issue price of ₹76.
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The company also saw its sales slump in August. The EV scooter maker’s market share saw a major decline, dropping to 31% at the end of August from 49% at the end of the June quarter.
Meanwhile, its closest competitors, TVS and Bajaj Auto, have gained ground, holding market shares of 20% and 19%, respectively.
Technical analysts have also shared mixed views on the electric vehicle major as the stock has fallen almost 26% from its high of ₹157.40 on August 20.
Price Action: Ola Electric’s share price was down 0.43% to trade at ₹113 shortly after market open on Wednesday.
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