Shares of two-wheeler companies Bajaj Auto, Hero MotoCorp and Ola Electric Mobility have hit their respective 52-week lows, falling by up to 6 per cent on the BSE in Monday’s intra-day trade amid heavy volumes. These stocks have plunged between 40 per cent and 66 per cent from their respective 52-week highs.
Among the individual stocks, shares of Ola Electric hit a new low of Rs 53.71, as they slipped 6 per cent on the BSE in intra-day trade on the back of heavy volumes. The average trading volumes on the counter more than doubled with a combined 26.68 million equity shares changing hands on the NSE and BSE.
With today’s fall, the stock is trading 29 per cent below its issue price of Rs 76 per share. It has corrected 66 per cent from its record high level of Rs 157.53 touched on August 20, 2024. Ola Electric made its stock market debut on August 9, 2024.
Ola Electric is a leading electric vehicle (EV) manufacturer in India, specialising in the vertical integration of technology and manufacturing for EVs and their components, including battery cells.
According to a Bloomberg report, Ola Electric is laying off more than 1,000 employees and contract workers in an effort to curb rising losses. The layoffs come as SoftBank-backed Ola Electric grapples with multiple challenges. The company’s net loss widened to Rs 564 crore in the December 2024 quarter, up from Rs 376 crore in the same period the previous year.