Shares of Ola Electric Mobility Ltd jumped as much as 12% on Friday, January 31, after the company launched new vehicles and announced more launches in the near future.
With Friday’s surge, the stock is back close to its IPO price of ₹76. As of Thursday’s close, Ola Electric Mobility shares were down 57% from their post-listing peak of ₹157.
The company today launched the Ola Electric Gen 3, with MD and CEO Bhavish Aggarwal saying the company has again become a leader in terms of EV two-wheeler market share.
Aggarwal also said that while the competition got “a bit too much” last month, he added that “we are four steps ahead of you.” Aggarwal said Ola’s Gen 3 scooters are focused on performance, reliability and safety.
Ola Electric had offered discounts on the S1 model for a few days in October and November.
The company will report its sales figures for December in the next few days.
Out of the eight analysts who have coverage on Ola Electric Mobility, four have a “buy” rating on the stock, while two analysts have a “hold” and “sell” rating on the stock, respectively.
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, then corrected.
Ola Electric Mobility shares are trading 11% higher at ₹ 74 on Friday. Despite Friday’s move, the stock has declined 14% in the past one month.