Ola Electric’s share price has nearly doubled since its initial public offering (IPO), reflecting a remarkable surge in investor interest. As of today, the stock is trading at ₹151.55, up by ₹5.52 or 3.78% at 9:25AM, following a strong performance since its market debut on August 9, 2024, IPO price was at ₹76.
In just six trading sessions, Ola Electric’s shares have skyrocketed by approximately 99%, hitting a high of ₹151.55 on the National Stock Exchange (NSE) earlier today. The stock price hit an intraday high of ₹157.53. This impressive rally has propelled the company’s market valuation to around ₹66,462.38 crore.
The surge in share price comes on the heels of positive market sentiment and a ‘buy’ recommendation from global brokerage firm HSBC, which highlighted the company’s favorable risk-reward profile and potential for growth in the electric vehicle (EV) sector. Despite reporting a consolidated net loss of ₹347 crore for the quarter ending June 30, 2024, Ola Electric’s revenue from operations increased by 32.3% year-on-year, reaching ₹1,644 crore.
Investors are closely monitoring Ola Electric as it continues to expand its product offerings, including the recent launch of its new Roadster series e-bike. The stock’s upward momentum and high trading volumes today suggest strong market confidence in the company’s future prospects.
