Ola Electric‘s share price was back in the red on Friday after it ended its six-session losing streak on Thursday. The stock slumped over 3% to hit an intraday low of ₹111.01.

What Happened: The stock was downbeat as the 30-day lock-in period for anchor book investors expired on Friday, freeing up 18.17 crore shares for potential sale, representing 4.1% equity.

As per regulations, 50% of shares allotted to anchor investors are subject to a 30-day lock-in, while the remaining 50% will be released after 90 days to stabilise IPO pricing and prevent excessive volatility.

The anchor round occurred on August 1, preceding the IPO opening on August 2. A total of 36.35 crore equity shares were allocated to 84 anchor investors at the upper price band of ₹72–76 per share, totalling ₹2,763 crore.

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Key participants in the anchor book include mutual funds, such as those managed by SBI, Nippon Life and HDFC, making up 40% of the anchor investments. Foreign investors such as Goldman Sachs, Schonfeld, Societe Generale, Morgan Stanley and BNP Paribas also participated.

The second tranche of shares will be available for sale after November 4. 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 since its listing in the red.

CEO Bhavish Aggarwal has also said that following its entry into the e-bike segment, the EV maker is preparing to introduce a three-wheeler vehicle in the market.

Price Action: Ola Electric’s share price was down 1.03% to trade at ₹113.97 as the markets opened on Friday.

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