Shares of Ola Electric were upbeat after the Bengaluru-based electric vehicle maker hit record lows in the two previous consecutive sessions.

What Happened: The Bhavish Aggarwal-led firm saw its shares hitting a fresh record low of ₹73.5 during Wednesday’s intra-day trading. Before this, Ola Electric had plunged to ₹73.84 on Tuesday, which at the time was the lowest level the company hit since its listing.

The company’s shares ended 8.24% lower as the 90-day lock-in period for anchor investors ended on November 5. This means that around 18.18 crore shares — or 4% of Ola Electric's outstanding shares — previously held by anchor investors, were available for trading.

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Ola Electric made a blockbuster entry into the stock market with its initial public offering in August. Lately, the company has been embroiled in a plethora of controversies related to rising criticism over consumer complaints, with the Central Consumer Protection Authority (CCPA) serving the company a show cause notice amid allegations of violating consumer rights, running misleading advertisements and unfair trade practices.

On October 29, the company’s share prices fell to ₹74.84 sliding below the listing price of ₹76. In the past five sessions, the company’s share price has slid 6.31% and since its listing, Ola has lost nearly 17%.

Price Action: Ola Electric’s shares were trading 1.92% higher at ₹75.83 on Thursday morning.

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