Ola Electric Crashes 35%: Bhavish Aggarwal's Company Hits All-Time Low of ₹103 Per Share

Bhavish Aggarwal-led Ola Electric saw its stock hit a new low, falling to ₹103 per share in Wednesday's morning trade. This marks a sharp 35% decline from its all-time high of ₹157.40. Market analysts have cautioned retail investors against making bullish moves on the stock, urging them to wait for a more stable entry point due to speculative valuations and increasing competition.

Ola Electric's market share has been steadily eroding, with competitors like TVS Motor and Bajaj Auto gaining ground. Last month, Ola Electric's market share dropped to 31%, accompanied by a 34% decline in monthly sales, totaling just 27,506 units. Trade analysts emphasize that despite the company's growth potential, concerns over its high valuations and intensifying competition make it a risky choice, suitable only for aggressive investors.

Recent controversies have also added to the company's woes. An Ola Electric customer in Karnataka set fire to a showroom in frustration over persistent issues with his newly purchased electric scooter. Following the incident, Ola Electric’s social media platforms have been flooded with complaints about the reliability of its EV scooters. Analysts warn that the stock remains overvalued and may undergo further corrections, advising only high-risk investors to consider staying invested.