Shares of Ola Electric were trailing in the bourses as its one-month share lock-in period ended on Monday.

What Happened: The company marked one month on the exchanges since its flat listing on August 9th. With this, the lock-in period for the stock also came to an end, making around 18.18 crore shares or 4% of the company’s outstanding equity eligible for trading.

Between September 5 and November 30, pre-listing shareholder lock-ins for 38 companies are set to expire, releasing shares valued at a total of $21 billion (₹1.7 lakh crore), Moneycontrol said quoting Nuvama Institutional Equities.

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In the past month, the stock has risen over 16% amid a slew of announcements. Since its listing, the company has announced its foray into electric motorbikes and three-wheelers, experienced a steep drop in its market share and announced a quarterly loss of more than ₹300 crore in the first quarter.

The company’s market share saw a huge drop to 31% at the end of August from the 49% share it held at the end of the June quarter.

HSBC initiated coverage on the stock last month. It had a “buy” recommendation for Ola Electric and a target price of ₹140. The company is worth investing in given the sustainable regulatory environment in the country, its ability to reduce costs and the likelihood of high rewards compared to the risks in the battery venture, the brokerage noted. 

However, the research firm also considered downside risks amid slower penetration of electric two-wheelers and battery plant issues.

Price Action: Ola Electric’s shares were down 4.44% at ₹104.71 on Monday.

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