Ola Electric‘s share price was wobbly on Tuesday morning as the company’s sales continued to dwindle in September.

What Happened: The latest data from the Vahaan portal showed that the electric vehicle (EV) giant continued to lose market share in the EV two-wheeler space. The Bhavish Aggarwal-led company held on to the top spot in the electric two-wheeler segment with 22,878 units registered in September.

However, the company’s market share is now down to 28% from 49% at the end of the June quarter. Bajaj Auto is slowly catching up to Ola and is now the second-best-selling EV two-wheeler maker. The company clocked sales of 17,570 electric two-wheelers in September holding a 21.4% market share.

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TVS Motor Company slipped to the third place with a market share of around 20%. IPO-bound Ather Energy recorded sales of 11,713 units and held a 14% market share.

Ola Electric has seen sales decline for the past few months. There have also been several reports about the company’s service complaints mounting up. The developments have halted Ola Electric’s ride at the bourses.

However, brokerage across the board remains upbeat on the EV maker. 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.

Price Action: Ola Electric’s share price was up 0.040% to trade at ₹99.62 as the markets opened on Tuesday.

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