Ola Electric Share Price: There was such strong selling pressure in the shares of electric two-wheeler company Ola Electric Mobility today that once again it went below the issue price. Last year in August 2024, its shares were issued at a price of Rs 76. Today it again came below this level and the reason for this is a warning letter from market regulator SEBI. Some buying is happening at lower levels but it is still under a lot of pressure. Currently, it is priced at Rs 75.41 on BSE with a decline of 4.74 percent. It fell 5 percent intra-day to Rs 75.20.
Why has Ola Electric received a warning letter from SEBI?
Ola Electric has received an administrative warning letter from SEBI over regulatory violations. This warning is related to the one circulated on social media by promoter and chairman Bhavish Agarwal before informing the stock exchanges about the company’s plan to expand its store network four times. According to the rules, listed companies have to first give the necessary details to the stock exchanges. However, Ola’s promoter later told the exchanges about plans to expand the store network four times.
Shares are 52% below record high
Shares of Ola Electric were listed at ₹76 each last year on August 9, 2024. After listing, it reached a record high of Rs 157.53 on August 20, 2024, which means the capital of IPO investors had increased more than double. However, then strong pressure increased on the shares and within three months it fell by more than 57 percent and reached Rs 66.60 on November 22, 2024. After recovering from this level, it crossed Rs 100. However, then it slipped and today it fell even below the IPO price.
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