Ola Electric‘s share price sunk close to 4% on Monday to hit an intraday low of ₹83.61. The stock looks set to extend its losing streak to the fourth consecutive session.

What Happened: Shares of the electric vehicle (EV) major have dropped about 47% from their record high of around ₹156 apiece, which it achieved shortly after listing.

The slump has been driven by declining sales and service-related issues. However, the company reported selling over 15,672 vehicles by mid-October, capturing a 34% market share in the electric two-wheeler market.

Ola’s market growth is supported by its popular S1 scooter lineup and expanding service network, with plans to maintain momentum during the festive season leading up to Diwali.

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Technical View: “The support level at ₹86 has been broken, indicating further downside potential. The next target is ₹75, which could act as a buying opportunity,” said Riyank Arora, technical analyst, Mehta Equities.

He added that the overall trend remains weak, but investors can employ a “buy on dips” strategy around the ₹75-77 range. “Place a strict stop loss at ₹69 to manage risk effectively. Keep an eye on any reversal signals for potential recovery,” the analyst added.

“Ola Electric has been in a steady downtrend since its post-IPO peak of ₹150, with the stock now nearing its IPO low of ₹76. The structure appears weak, and high-volume selling is adding pressure,” said Anshul Jain, head of research at Lakshmishree.

“Given the bearish sentiment, we advise investors to consider exiting the stock. Shifting capital to a fundamentally stronger company may offer better returns in the current market climate,” Jain added.

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