Ola Electric Faces 26% Dip as Stock Hits 85.02
- Ola Electric's share price hit an intraday low of ₹85.02 on October 18, 2024.
- The company has sold over 15,672 vehicles by mid-October, achieving a 34% market share largely due to its S1 scooter lineup.
- To tackle service-related issues, Ola Electric has enlisted EY India for help in optimizing operations and inventory management.
In India, Ola Electric's share price has faced significant declines recently, hitting an intraday low of ₹85.02 as of Friday, October 18, 2024. The company's shares have been pressured due to falling sales and various service-related problems. Despite this downturn, Ola Electric reported selling over 15,672 vehicles by mid-October, capturing a 34% market share, driven largely by the popularity of its S1 scooter lineup. As the company heads into the festive season leading to Diwali, it aims to maintain its growth momentum. To address its operational challenges, Ola Electric has engaged EY India to assist in realigning its processes. A team from EY has been assigned to help optimize operations over a three-month project, with potential for an extension based on outcomes. Such initiatives reflect Ola Electric’s commitment to improving its service capabilities and inventory management, crucial for sustaining market share in a competitive environment.