New Delhi: Bhavish Aggarwal-led Ola Electric posted its lowest monthly sales this year, falling 34 per cent sequentially to 27,506 units in August, while its market share fell further to 31 per cent.
According to vehicle registration data available on the central government’s Vahan portal, Ola Electric had a 31 per cent market share in India’s two-wheeler (2W) electric vehicle market in August, while its closest rivals TVS and Bajaj Auto registered a market share of 20 per cent and 19 per cent, respectively.
The company’s retail sales of 27,506 units are the lowest of the calendar year to date, down 34 percent compared to the 41,711 units it sold in July.
According to VAHAN data, 88,451 electric two-wheelers were registered in August 2024, up from 62,767 units in the same period last year, representing a year-on-year growth of 41%. However, in sequential terms, the sector contracted by 41.5%.
The increase in volumes of TVS iQube and Bajaj Chetak models can be attributed to newer and more affordable models introduced by traditional operators.
Shares of Ola Electric fell again on Monday and were hovering around Rs 114 apiece during intraday trade.
The company’s retail sales of 27,506 units are the lowest so far this year. While August 2024 figures were up 47 percent year-on-year, they were down 34 percent compared to July’s 41,711 units.
Shares of Ola Electric have fallen over 27 per cent from their record peak of Rs 157.53 apiece, leaving investors jittery amid profit-taking and widespread market volatility. Shares of Ola Electric made a low-key debut in the market on August 9 but saw strong demand post-listing. Currently, the stock has been under selling pressure after hitting an all-time high.
According to market analysts, the stock is overpriced and will correct further, so investors with a high risk appetite should take advantage of it. Experts mentioned that the company’s stock is not looking good and may fall further towards Rs 110 level in the near term.
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