Ola Electric‘s share price continued to sink on Friday morning. The stock slumped around 3% to hit an intraday low of ₹85.02.

What Happened: Shares of the electric vehicle (EV) major have remained under pressure over the past few weeks. In just the last 30 days, the stock has sunk around 27%. The slump in the stock has been attributed to the declining sales of the company and service-related issues.

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However, in a mid-month update, the company shared that it had sold over 15,672 vehicles by October 14, securing a 34% market share. Ola’s growth in market share is fueled by the popularity of its S1 scooter lineup and its expanding service network. The company plans to sustain this momentum during the festive season leading up to Diwali.

Media reports also suggest that the EV major has engaged EY India to help realign its operations. Around a dozen executives from EY have reportedly joined the electric two-wheeler company on a three-month deputation for a project, with the possibility of extending their tenure depending on the project's outcomes.

The global consulting firm is expected to guide the Bhavish Aggarwal-led company in several service-related areas, including process optimization and the management of spare parts stocking and inventory.

Price Action: Ola Electric’s share price was down 1.68% to trade at ₹86.11 in the early hours of trading on Friday.

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