Bhavish Aggarwal-run Ola Electric Mobility saw its share nosedive further to a fresh low of Rs 74.18 apiece on Tuesday after touching Rs 73.84 during the intra-day trading -- losing almost 8.5 per cent in a day.
The scrip of the EV firm has so far plunged 53.2 per cent from its all-time high value of Rs 157.47.
The company will announce its second quarter (Q2) FY25 results on November 8.
"We wish to inform you that a meeting of the Board of Directors of Ola Electric Mobility Ltd is scheduled to be held on Friday, November 8, 2024, inter alia, to consider and approve the unaudited standalone and consolidated financial results of the company for the quarter and half year ended September 30, 2024, along with the Limited Review Report of the Auditors thereon," it said in a stock exchange filing.
According to market experts, the company’s stock can further slip towards the Rs 70-mark. IT made its public debut at Rs 76.
The stock is in a weak position and remains in a 'no-trade' zone, said market analysts.
Ola Electric’s share slipped below the issue price of Rs 76 on October 29 for the first time in its listing history.
Ola Electric's shares were listed in the stock market in August this year. After listing, a sharp rally was seen in Ola Electric and the counter touched an all-time high of Rs 157.40 before starting a steep fall and has slipped almost 50 per cent from its highest level.
According to market experts, if Ola's stock remains below its IPO price of Rs 76 for a few days, it may see a further decline due to selling by institutional investors and retail investors. "Selling is being seen in shares at every level. Due to continued weakness, investors should stay away from this stock and invest in companies with strong fundamentals," they added.
The reason for the weakness in the shares of Ola Electric is being attributed to the company's weak sales figures and poor service.
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