Ola Electric’s stock witnessed a strong rally this week, surging 14% amid positive investor sentiment. On Friday, the stock closed at ₹55.98, marking a significant jump from its opening price of ₹51.71. During the trading session, the stock hit a high of ₹56.87 and a low of ₹51.27.
Despite the recent uptrend, Ola Electric’s stock remains well below its 52-week high of ₹157.40. However, it has rebounded from its 52-week low of ₹46.37.
In the meantime, on March 21, the company refuted recent media reports regarding its February 2025 sales figures, calling them misleading and factually incorrect. In a statement issued on March 21, the company assured that its sales remain strong, attributing the temporary dip in registrations to backend vendor transitions. The company clarified that the slowdown in February was due to changes in registration vendors, not regulatory actions as some reports claimed. Ola Electric has already resolved 40% of the backlog and expects full clearance by the end of March 2025. The company also highlighted that daily registrations have now exceeded 50% of its three-month average.
Ola alleged that certain media outlets and vested interests misrepresented the situation after the company ended contracts with two nationwide registration vendors. This decision aligns with Ola’s broader strategy to streamline operations and enhance profitability.
Reaffirming its commitment to customers, Ola Electric stated, “Our focus remains on resolving the backlog efficiently and continuing to serve our customers with transparency and reliability.”
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