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Extending its losing streak for the fourth consecutive session, shares of EV maker Ola Electric slumped 5% to hit a fresh all-time low at INR 38.03 on the BSE today.
This number represented a decline of 62.9% from the 52-week high of INR 102.50 on December 4, 2024.
The company’s market capitalisation stood at INR 16,774.39 Cr (about $1.8 Bn) at the end of the session. Nearly 39 Cr shares changed hands today.
The downslide in the shares comes at a time when the company has been struggling with high losses, declining market share in electric two-wheeler (E2W) market, and customer complaints about after-sales service.
The company slipped to the fifth position in terms of E2W registrations in November. Its vehicle registrations plummeted 48% to 8,400 units from 16,049 units in October.
In its Q2 shareholders’ letter, Ola Electric said that many OEMs have been focusing on increasing their market share by giving aggressive discounts and high channel incentives. The Bhavish Aggarwal-led company said it has instead chosen to focus on profitability.
The company claimed that its auto segment achieved EBITDA profitability in Q2 FY26. However, it revised downwards its guidance for EV sales.
Overall, its net loss shrank 15% YoY to INR 418 Cr in Q2. Operating revenue also slumped 43% YoY to INR 690 Cr.
Amid sliding EV sales, the company has now shifted its focus towards battery energy storage system (BESS). It unveiled Ola Shakti in October to provide BESS for residential purposes. Its deliveries are scheduled to commence from January 2026. Meanwhile, the company also announced its plans to foray into the commercial BESS segment in its shareholders’ letter last month.
For this, it plans to scale its cell manufacturing capacity to 5.9 GWh by March 2026 and further to 20 GWh by 2027. However, this would also mean higher capex at a time when it has been burning cash.
In late November, it secured the nod from its shareholders to raise up to INR 1,500 Cr by issuing securities to ramp up the cell business, expand battery energy storage systems, strengthen post sales production, and new product development.
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