31 Jan , 2025 By : Debdeep Gupta
Shares of Ola Electric Mobility revved up 14.5 percent on January 31, briefly surpassing its IPO price of Rs 76 after the company gained some market share in January.
Ola Electric's market share surged to 30 percent by the end of January, a significant spike from the 19 percent share it held last month, according to VAHAN data. The company also launched the Ola Electric Gen3 scooter, which will further cement its market leadership in the electric vehicle two-wheeler market. The Gen3 scooters focus on performance, reliability, and safety.
At the launch event, MD & CEO Bhavish Aggarwal declared Ola as the leader in the EV two-wheeler market. Aggarwal also said that the competition got a "little too happy" last month, adding that "we are four steps ahead of you."
Ola Electric Mobility made its stock market debut last year and within a few days of listing, the stock had doubled from its IPO price, hitting a record high of Rs 157.40 before profit booking took over the counter. As of today, the stock is trading over 51 percent off its record high.
At 11.05 am, shares of Ola Electric were trading at Rs 75 on the NSE. The steep surge in today's session was also intensified by heavy trading volumes. As many as six crore shares of the company changed hands on the exchanges thus far, already double the one-month daily traded average of three crore shares.
Investors are also eagerly waiting for the company's Q3 earnings report, the date of which is yet to be announced.
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