- By Aditya Pratap Singh
- Mon, 02 Dec 2024 11:16 AM (IST)
- Source:JND
Ola Electric Share Price: Ola Electric's share price fell by more than 5% to hit a low of Rs 81.20 on Monday morning after it reported a 33% decline in November sales. However, the EV stock rebounded, extending the pace of its recovery from the IPO's price level. At around 11:02 am, the Ola Electric share price was at Rs 88.83, up 1.62% on the NSE.
The Bhavish Agarwal-led company's stock opened at Rs 84.11, down by more than Rs 3 from its previous close of Rs 87.41. It hit an intraday low of Rs 81.20. Meanwhile, its 52-week high and low values stood at Rs 157.40 and Rs 66.66, respectively.
Despite the decline, Ola has retained its market-leading 25.09% share in the electric vehicle (EV) segment, though its margins over competitors TVS and Bajaj Auto have declined. TVS garnered a 23.55% share and recorded 26,036 registrations, while Bajaj Auto registered 24,978 units with a 22.59% share.
Also Read: Ola Electric Share Price: EV Stock Falls 5% After Company Reports 33% Decline In November Sales
Registrations in the overall EV market fell by 18% in November compared to October, reflecting the post-festival slowdown. While Ola's decline is significant, TVS and Bajaj Auto showed more stability with smaller declines of 13.4% and 12%, respectively, indicating intense competition in the EV sector.
Stock Market Today
The Indian stock market witnessed an extremely volatile character early in trading. The market opened lower and was in the red for a while before the stock index rebounded all its early losses and traded in the green. The Sensex and Nifty were trading in the green at around 11:45 am.
However, the domestic benchmark index declined in trading hours on Monday morning. BSE's top 30-share index Sensex was trading below the 79,457 level, down 345 points in morning trade. The NSE's index of top 50 stocks, the Nifty, fell 76 points to trade below 24,054. ONGC, Eicher Motors, Cipla, Reliance and HDFC Life topped the Nifty. At around 10:02 am, the Sensex was down 0.13 per cent at 79,698.40 while the Nifty was down 0.05% at 24,119.90.