After the lockdown expired, Ola Electric shares hit an all-time low

Ola Electric share price (image source: iStockphoto)

Ola’s shares fell over 7% on Tuesday, trading below Rs 80 after hitting an all-time low of Rs 74.81. This decline comes after the expiry of a three-month lock-in period that allowed the sale of around 18.2 crore (182 million) shares that were previously restricted. These shares constitute approximately 4% of Ola’s share capital.

During the lock-up period, which included company insiders, employees and early investors, share sales were prohibited to prevent significant share price fluctuations.

Ola, headed by the President Bhavish Aggarwalplans to soon reveal quarterly results for July-September 2024. According to the company’s filing to the stock exchange, “we would like to inform you that a meeting of the Management Board of Ola Electric Mobility Limited (“Company”) is scheduled for Friday, November 8, 2024, which will be held, among others, consideration and approval of the unaudited separate and consolidated financial results of the Company for the quarter and half-year ended September 30, 2024.”

The Company announced that its Board of Directors will meet on Friday, November 8, 2024 to review and approve the unaudited separate and consolidated financial statements for the quarter and half-year ended September 30, 2024.

At the time of filing, Ola Electric shares were trading at Rs 75. The stock’s 52-week high and low are Rs 157.53 and Rs 74.81 respectively.

Recently, Ola Electric also announced the groundbreaking ceremony Ola Cyfrowa Dual platform integrated with NVIDIA Omniverse for the transformation of production processes and the product lifecycle.

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