Ola Electric saw flat trading on Wednesday after the electric vehicle (EV) maker’s stock hit an all-time low the previous day.

What Happened: Ola Electric’s share prices scaled down to touch the lowest level amid a bearish performance on the bourses that saw its stocks hitting back-to-back lows. The stock tumbled to ₹70.15 — a new record low for the stock.

The company has had a tough run in the stock markets after the stock sank below its IPO price of ₹76 on October 29.

Despite the recent poor performance, investors are optimistic about the Bhavish Aggarwal-backed company. In an interview with CNBC TV18, Sumer Juneja, managing partner for India and EMEA at SoftBank, said that the company is in no hurry to exit the company.

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When asked whether SoftBank would reduce its stake in Ola Electric once the lock-in period ends in six months, Juneja stated that it would depend on the company’s performance, but any exit would be a thoughtful and gradual process.

The Japanese investor currently owns 17.83% stake in Ola. SoftBank's results for the July to September quarter, show that Ola contributed $401 million (₹3,384 crore) to the Vision Fund.

Juneja believes that Agarwal is the frontrunner of India’s EV revolution. Talking about the market, he predicted that over the next five to 10 years, EV penetration could reach 30%-40%. He emphasised that India's large two-wheeler market makes EVs an economically viable option for consumers in the long term.

In the second quarter, Ola’s net loss improved to ₹495 crore while revenue from operations went up 39.06% to ₹1,214 crore. The company’s CEO commented on the rising consumer complaints during its investors’ conference call. Aggarwal said the reported figure of 80,000 complaints per month was "not bad for a 8,00,000 unit in operation".

Price Action: Ola Electric hit an intraday low of ₹70.15, down 1.12%, on Thursday morning.

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