Shares of Ola Electric surged 20% on Thursday extending gains for the second straight session. The shares hit the upper circuit of ₹36.32 on the NSE, even as equity benchmarks BSE Sensex and Nifty 50 declined over 1% amid fresh tensions in West Asia over ceasefire violations.

Strong buying momentum pushed Ola Electric shares over 15% in the early trade. Towards market closing hours, the stock jumped 20% from previous close of ₹30.27 and remained locked at the upper circuit limit of ₹36.32. The surge comes a day after the stock was locked in a 5% upper circuit in Wednesday’s session. Ola shares have rallied over 50% in the last six trading sessions since the start of the new fiscal.

The recent rally follows the company’s announcement on Tuesday regarding the readiness of its in-house developed lithium iron phosphate (LFP) cell, which it said marks a key milestone in its efforts to strengthen electric mobility and build a full-stack energy ecosystem. The new 46100-format LFP cell, developed as part of Ola’s vertically integrated battery programme, is larger than the current NMC 4680 Bharat Cell. The company said it represents a step-up in scale, applicability and cost efficiency across mobility and energy storage solutions, and will be deployed in Ola’s products starting next quarter. 

From a high of ₹71.25 on September 4, 2025, it fell to a 52-week low of ₹22.25 on March 16, 2026, after several brokerages downgraded the stock to ‘sell’ with a target price of ₹20, citing weak sales and concerns over the company’s shifting focus towards battery energy storage.

On April 1, Ola shares jumped 16%, marking its biggest single day jump, after the Bengaluru-based EV maker reported a 150% month-on-month jump in electric two-wheeler sales for March. Ola sold tripled its month-on-month sales to 10,117 units in March. The company attributed the recovery in demand to improvements in its service operations. The company said following a period of service-related challenges, it has implemented operational changes that have improved turnaround times and customer experience, helping restore customer confidence and drive demand. Ola Electric claims that over 80% of vehicles are now serviced on the same day. 

“Everyone loves our product. We are working hard to get service to the same level soon. We will not rest till service is the best in the country!” Chairman Bhavish Aggarwal said in a X post on Thursday. 

Despite the recent rally, the stock remains about 52% below its IPO price of ₹76 at the time of listing in August 2024.