Shares of Ola Electric Mobility Ltd. have declined for the ninth out of the last 11 trading sessions on Monday and have slipped below the mark of Rs 100 for the first time since the stock went public in August.
Shares of Ola Electric Mobility fell by 4 per cent to Rs 98.4 on Monday. With this decline, the stock has now dropped 37.5 per cent from its peak of Rs 157.4, which it reached shortly after its listing.
The electric scooter maker announced on Friday that it will double its company-owned service centre network to 1,000 by December as part of its newly launched Hyperservice, a campaign aimed at boosting electric vehicle (EV) adoption in the country.
“With #HyperService we’re expanding our network and building the best in class ownership experience with on-demand and AI powered service,” Bhavish Aggarwal, CEO of Ola Electric shared in a post on X (formerly Twitter).
The company had recently announced the launch of its “Network Partner Program” aimed at taking the EV penetration into tier-2 and tier-3 cities further. Ola Electric has also on-boarded 625 partners to expand its sales footprint across India and plans to have 1,000 partners on board ahead of the upcoming festive season.
Brokerage firm HSBC, in a recent note, wrote that it had visited multiple Ola service stations and found that most of them were overwhelmed by service requests and that this is a critical aspect that the company must improve upon before the launch of its motorcycles, which it unveiled on August 15.
HSBC though, maintained its “buy” recommendation on Ola Electric, with a price target of Rs 140.
Shares of Ola Electric Mobility are currently trading 3.1 per cent lower at Rs 99. The stock had its IPO price fixed at Rs 76 per share.
Comments
0 comment