Ola Electric shares decrease 4%; drops below Rs 100 for first time since listing

Shares of Ola Electric Mobility declined over 4 per cent on September 30, pushing the stock below the Rs 100 mark for the first time since its listing on the bourses. Moreover, the stock has been in the red in 12 of the last 14 sessions.
According to this, it has fallen by more than 16 percent in the last one month. At 12.22 pm, Ola Electric Mobility shares were trading at Rs 98.80 on NSE.
The company recently launched its ‘Network Partner Program’ to expand EV penetration in tier-2 and tier-3 cities. Ola Electric has already onboarded 625 partners to expand its sales presence across India, and plans to reach 1,000 partners before the upcoming festive season.
Brokerage firm HSBC pointed out in a recent note that it visited several Ola service stations and found many were overwhelmed with service requests. HSBC said improving serviceability is a key area that Ola Electric should address ahead of the launch of its motorcycles, which were unveiled on August 15.
Ola Electric sales declined 34 per cent in August. With monthly auto data for September due to be released tomorrow, investors are keen to see if the weakness in Ola Electric sales continued in the past month as well.