Ola Electric Mobility Ltd shares fell sharply on Tuesday, extending their decline for the second consecutive session. The scrip fell 8.56 percent to a record low of Rs 73.70. At this pricing, it has dropped 53.22 percent from its all-time high of Rs 157.53, achieved on August 20, 2024.
The company said today that it will release the September 2024 quarter (Q2 FY25) earnings on November 8.
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, stated that although Ola Electric has increased its market share, breakeven and profitability are the crucial metrics that will be keenly monitored following the current social media outrage over service-related concerns.
The organization run by Bhavish Aggarwal has been dealing with a number of service-related problems. In addition, the Centre has increased its monitoring of Ola Electric's handling of customer complaints in response to a showcause notice issued by the Central customer Protection Authority.
"The stock will continue to remain weak on a medium- to short-term perspective."Investors with a high risk tolerance should consider holding on to the stock. Bathini indicated that one can enter at lower levels, but only with a long-term view.
Technically, the counter appeared 'weak' on the daily charts. An analyst claimed that the stock is in a 'no-trade' zone.
"Ola Electric's stock appeared poor on the charts. The stock could fall to Rs 70," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.
"Ola Electric is bearish but also oversold on daily charts, with the next support level at Rs 59.4. Investors should buy only if a daily close is above Rs 80.3, with a target of Rs 100 in the near term," said Sebi-registered research analyst AR Ramachandran.
"The stock is in a bad position and stays in the 'no-trade' zone. Investors should stay away until a clearer trend emerges," stated Ameya Ranadive CMT CFTe, Sr Technical Analyst at StoxBox.
