Ola Electric‘s share price is now just a smidge below its IPO issue price of ₹76. The stock slumped over 3% to hit an intraday low of ₹76.73 on Thursday.

What Happened: Shares of the electric vehicle maker have been struggling at the bourses for the past few months. The stock has ended lower on nine out of the last 11 occasions. In the last 30 days, the stock has sunk around 24%.

On Thursday, the company launched the Ola Digital Twin Platform, powered by NVIDIA Omniverse, to optimise its manufacturing and product development processes. The platform, introduced on October 24, integrates Krutrim AI, NVIDIA technology, advanced simulation tools, and IoT to create robust digital twin environments.

Ola Electric’s shares have been under pressure for quite some time. Factors such as a decline in sales, a rise in service complaints and increased regulatory scrutiny are said to be behind the company’s recent fall.

Sentiments were further dampened as Kotak Securities initiated coverage on the Bengaluru-based EV firm with a "reduce" call and a target price of ₹80.

The analysts anticipate a decline in Ola Electric’s market share due to intensifying competition. Their analysis highlights risks from rising product complaints and after-sales service issues, which could negatively impact the brand and further pressure its market position.

Price Action: Ola Electric’s share price was down 3.18% to trade at ₹77.46 on Friday afternoon.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.