Ola Electric shares soar 10%, stock rallies 86% in 6 months. More upside ahead?
Ola Electric shares surged nearly 10%, extending their three-session rally and gaining over 86% in six months from the March low. Brokerages, however, remain cautious amid weak volumes, lower margins and continued cash burn.
Ola Electric Mobility shares experienced a significant surge of nearly 10% on Wednesday, marking a remarkable 86% increase over the past six months. This surge occurred after the company's stock hit a record low in March, signaling a strong recovery for the EV scooter-maker. As of Wednesday morning, Ola Electric shares reached Rs 41.44 each on the NSE, elevating the company's market capitalization to over Rs 19,000 crore, driven by robust trading volumes.
Despite the recent gains, Ola Electric shares remain in the red for IPO investors. Following a flat market debut in August 2024, the stock surged to a lifetime high of Rs 157.40 in the same year before plummeting to a lifetime low in March 2026, nearly one-seventh of its peak value. The stock has since recovered, with Ola Electric shares gaining 9% so far in 2026.
Strong sales data, Production Linked Incentive (PLI) incentives, and other factors have bolstered investor confidence in the electric vehicle manufacturer. However, brokerages have remained cautious, with Citi and Kotak Institutional Equities maintaining 'Sell' ratings, while Goldman Sachs has a 'Neutral' outlook, citing concerns over cash burn and cell revenue.
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