Shares of Ola Electric Mobility Ltd dropped nearly 4% to ₹54.63 on March 3 after reports of Bloomberg surfaced that the company is set to cut over 1,000 jobs in an effort to stem losses. The layoffs reportedly span across procurement, customer relations, and sales staff as the company looks to optimize costs. This development comes amid increasing challenges in the electric vehicle (EV) sector, with firms striving to maintain profitability in a highly competitive market.
At 11:01 AM IST, the stock was trading at ₹54.63, down 3.87% or ₹2.20 from the previous close of ₹56.83. The stock’s intraday range stood between ₹54.21 and ₹58.07, marking fresh lows. Over the past year, Ola Electric’s share price has fluctuated between ₹54.21 and ₹157.40, reflecting significant volatility. The company’s market capitalization currently stands at ₹228.04 billion INR, with an average daily trading volume of 28.24 million shares.
Ola Electric’s stock has seen a sharp decline, falling nearly 26% in the past month, with shares currently trading at ₹54.38 on the NSE. The stock has dropped 3.87% today, extending its downward trend as investor sentiment weakens.
Additionally, Ola Electric recently announced the renegotiation of its contracts with vehicle registration agencies, a move that temporarily impacted registration numbers on the VAHAN portal during February 2025. The company stated that these negotiations are aimed at reducing costs and streamlining the registration process.
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