Ola Electric‘s shares hit a fresh record low on Friday after recovering from its previous lows a day earlier.

What Happened: The Bengaluru-based electric vehicle firm plunged to ₹73.05 to hit a new record low. Earlier in the week, the stock hit its lowest levels for two consecutive trading sessions on Tuesday and Wednesday.

On November 5, Ola’s shares ended 8.24% lower as the 90-day lock-in period for anchor investors ended.

The company also announced a new development dubbed “BOSS of All Savings” under its BOSS sale. Under the new scheme, the company is offering customers savings of up to ₹15,000 on the purchase of an Ola S1.

It is also planning other open what it calls “educational clinics” at Ola Electric stores nationwide. These clinics will educate customers about the Ola S1 portfolio’s lower total cost of ownership (TCO), its performance and technology features, the company said in its press release.

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In October, a report by Business Standard said that the Bhavish Aggarwal-owned firm was under the regulatory scanner of the Automotive Research Association of India (ARAI) due to its recent pricing practices. ARAI had reportedly raised concerns over Ola Electric's failure to inform the body about the price reduction for its S1 X 2 kilowatt-hour model before the launch of the “BOSS” sale.

This oversight could affect the model's eligibility for a government subsidy under the PM Electric DRIVE Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, the report said.

On October 29, the shares fell below the IPO price of ₹76 for the first time, marking a 50% drop from its all-time high in August. Ever since then, the stock has been on a downward slope. Since its market debut on August 9, the stock has plummeted nearly 20% so far.

Price Action: Ola Electric lost 1.62% to trade at ₹73.35 on Friday.

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