Bhavish Aggarwal-run Ola Electric clocked its lowest monthly sales this year, dropping 34 percent sequentially to 27,506 units in August, as its market share nosedived further to 31 percent. As per vehicle registration data available on the central government’s Vahan portal, Ola Electric had a market share of 31 percent in India’s electric two-wheeler (2W) market in August as its closest rivals TVS and Bajaj Auto logged 20 percent and 19 percent market share, respectively.
The company’s retail sales of 27,506 units are the lowest in the calendar year to date, down by 34 percent compared to the 41,711 units it sold in July. According to VAHAN data, 88,451 electric two-wheelers were registered in August 2024, as against 62,767 units in the year-ago period — a growth of 41% year-on-year. Sequentially, however, the industry shrank 41.5 percent.
The surge in volumes of the TVS iQube and Bajaj Chetak models can be attributed to the newer, cheaper models introduced by the incumbents. The share of Ola Electric dropped again on Monday and was hovering around Rs 114 apiece during intra-day trade.
The company’s retail sales of 27,506 units are its lowest in the calendar year to date. While the August 2024 numbers are up 47 percent YoY, these are down by 34 percent compared to 41,711 units in July.
Ola Electric’s shares have tumbled over 27 percent from its record peak of Rs 157.53 a piece, leaving investors jittery amid profit booking and broader market volatility. Ola Electric’s stock made a muted market debut on August 9 but saw strong buying after the listing. At present, the script has been under selling pressure after scaling a lifetime high.
According to market analysts, the stock value is inflated and will further correct itself and investors with a high-risk appetite should only go for it. The experts mentioned that the company’s stock is not looking good and can slip further toward the Rs 110 level over the near term.
(The story has been sourced from a syndicate wire feed and remains unedited by Times Now)
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