Ola Electric‘s share price sunk below the ₹100 mark on Monday morning. Shares of electric vehicle (EV) major have gone down around 13% in the last 30 days.

What Happened: Ola Electric’s share price has been downbeat ever since it hit a record high of ₹157.40 last month on August 20. Declining sales and market shares have contributed to the dampened sentiments around the Bhavish Aggarwal-led company.

See Also: Why Morgan Stanley Is Still ‘Underweight’ On Asian Paints, Berger Paints But Still Raised Earnings Estimates

However, brokerage across the board remains upbeat on the EV maker. HSBC, Goldman Sachs, and BofA Securities are all optimistic about the electric two-wheeler market leader.

BofA Securities initiated coverage with a “buy” rating, setting a target price of ₹145. Goldman Sachs also issued a “buy” recommendation, with a target price of ₹160. Similarly, HSBC started its coverage with a “buy” recommendation and a target price of ₹140.

In contrast, Ambit Capital has taken a more cautious approach, initiating coverage with a “sell” call and a target price of ₹99.60. This divergence reflects differing perspectives on the stock's potential in the electric two-wheeler market.

Earlier in the month, the company also announced that its S1 X 2 kilowatt-hour scooter has been granted the production-linked incentive (PLI) certification. S1 X 2 kilowatt-hour is the fifth product in Ola’s portfolio to receive the PLI Certification. 

Price Action: Ola Electric’s share price was down 2.77% to trade at ₹99.35 shortly after market open on Monday.

Read Next: Zomato Shares Extend Losses Into 5th Day: What’s Going On?