Shares of Ola Electric Mobility Ltd were trading 1.68% lower at Rs 49.30 on Monday compared to the previous close of Rs 50.14 amid weak monthly sales data and continued negative news flow surrounding the company. The stock traded in the range of Rs 48.65 – Rs 49.95 in early deals, with a market capitalisation of around Rs 206.45 crore.
According to government’s Vahan portal, Ola Electric sold 16,034 e-scooters in October, a sharp 61% decline from 41,843 units sold in the same month last year. However, sequentially, sales improved from 13,421 units in September, indicating a month-on-month recovery trend.
The steep annual drop in registrations comes amid reports that Goa temporarily suspended Ola Electric sales over complaints related to after-sales service and delays in registration certificates, adding to operational challenges for the EV maker.
The company has also been in the spotlight over a tragic case involving a former employee. Shares came under pressure during Muhurat trading on October 21 after reports linked senior Ola Electric executives to the suicide of 38-year-old engineer K. Aravind. The deceased, who worked as a homologation engineer, reportedly alleged workplace harassment and withheld dues in a 28-page note. During a hearing, the complainant’s counsel described Ola Electric as “worse than the East India Company” and raised concerns over a Rs 17.46 lakh transfer to Aravind’s account two days after his death.
Despite the developments, investors will watch for upcoming company disclosures and monthly delivery trends to assess sustained demand recovery in the EV segment.
