New Delhi, Nov 5 (IANS) Bhavish Aggarwal-run Ola Electric Mobility saw its share nosedive further to a fresh low of Rs 74.18 apiece on Tuesday after touching Rs 73.84 during the intra-day trading — losing almost 8.5 per cent in a day.
The scrip of the EV firm has so far plunged 53.2 per cent from its all-time high value of Rs 157.47.
The company will announce its second quarter (Q2) FY25 results on November 8.
“We wish to inform you that a meeting of the Board of Directors of Ola Electric Mobility Ltd is scheduled to be held on Friday, November 8, 2024, inter alia, to consider and approve the unaudited standalone and consolidated financial results of the company for the quarter and half year ended September 30, 2024, along with the Limited Review Report of the Auditors thereon,” it said in a stock exchange filing.
According to market experts, the company’s stock can further slip towards the Rs 70-mark. IT made its public debut at Rs 76.
The stock is in a weak position and remains in a ‘no-trade’ zone, said market analysts.
Ola Electric’s share slipped below the issue price of Rs 76 on October 29 for the first time in its listing history.
Ola Electric’s shares were listed in the stock market in August this year. After listing, a sharp rally was seen in Ola Electric and the counter touched an all-time high of Rs 157.40 before starting a steep fall and has slipped almost 50 per cent from its highest level.
According to market experts, if Ola’s stock remains below its IPO price of Rs 76 for a few days, it may see a further decline due to selling by institutional investors and retail investors. “Selling is being seen in shares at every level. Due to continued weakness, investors should stay away from this stock and invest in companies with strong fundamentals,” they added.
The reason for the weakness in the shares of Ola Electric is being attributed to the company’s weak sales figures and poor service.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.