Ola Electric shares drop 4% as EV maker plans Rs 1,000 crore rights issue
The company's board approved the terms of the rights issue at its meeting held on Wednesday, October 7, following the in-principle approvals received from BSE and NSE on October 6.
On October 8, shares of Ola Electric Mobility experienced a decline, falling by up to 3.63% to a low of Rs 35 each on the NSE. The electric vehicle manufacturer had approved a rights issue to raise up to Rs 1,000 crore through partially paid-up equity shares. Following the decisions made on October 7, Ola Electric shares were trading at Rs 35.22 each on the NSE, marking a 3.0% decrease from the previous close of ₹36.32.
Throughout the trading session, the stock fluctuated between Rs 35 and Rs 36.08. As of the current market price, Ola Electric had a market capitalization of approximately Rs 16,334 crore on the NSE.
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Also reported by 1 other outlet
- Ola Electric plunges nearly 10% as ₹1,000-cr rights issue puts shareholders in a bind thehindubusinessline.com
