Ola Electric Mobility extended its winning run for the third consecutive session on August 28, climbing 4% to hit the day’s high of ₹52.80 per share, even as broader market sentiment remained weak. The recent rally comes after the company announced that its Gen 3 scooter range has received Production Linked Incentive (PLI) certification. With a 12% gain over the past three sessions, the stock has reacted positively to the development.
Ola informed the exchanges that its Gen 3 scooters are now certified under the government’s PLI scheme for auto and component manufacturing, making it eligible for incentives of 13–18% of determined sales value until 2028. This is expected to improve the company’s cost structure and support its goal of turning EBITDA positive.
The Gen 3 range, which includes various models across the S1 and S1 X series, forms a major part of Ola’s current sales. At its recent ‘Sankalp’ event, Ola also launched new high-capacity models set for release between Navratri and January 2026.
Despite narrowing its Q1FY26 loss to ₹428 crore, revenue dropped 49.6% year-on-year to ₹828 crore. The stock has recovered 27% in August after steep declines in June and July.