After six consecutive sessions of ending in the red, Ola Electric‘s share price started Thursday in the green. The stock surged over 3% to hit an intraday high of ₹114.50.

What Happened: Shares of the company have had a volatile month at the bourses. While the stock still trades over 40% of its IPO issue price, it has ended most sessions in the red.

Earlier in the week, sales data showed that the electric vehicle major’s dominance in the two-wheeler EV market might be shrinking. Legacy two-wheeler brands TVS Motor and Hero MotoCorp improved its market share in August, while Ola’s market share shrank to 31%.

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Global research firm Jefferies, in its research note, said that Ola is facing increasing pressure as it works to expand into the electric motorcycle segment. Ola Electric is gearing up to launch the Roadster, marking the first affordable electric bike from a mainstream player in India.

This strategic move is expected to strengthen Ola’s market presence and potentially boost its volumes in the competitive electric two-wheeler segment.

However, as per analysts, the success of the Roadster will largely depend on its on-road performance and whether electric bikes can become profitable in India’s price-sensitive market.

Price Action: Ola Electric’s share price was up 1.90% to trade at ₹112.91 shortly after market open on Thursday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.