OLA Electric shares have rallied almost 15% to an intra-day high of Rs 61.90. The company reclaimed its second spot in the sales of electric two-wheeler sales for August and this supported the intra-day rally.
Ola Electric had ceded its position to its closest competitor Ather Energy in the previous month. As per the latest Vahan data, the firm sold 16,646 units in August, cornering a 17.42% market share. Meanwhile, Ather Energy sold 16,543 units, maintaining a market share of 17.31%.
Also, August was the first time since April that Ola reclaimed the number two position. However, the reason for that is not Ola’s better performance, but Bajaj Auto’s sharp decline.
PLI Scheme for Ola Electric
Ola Electric received Certification for Compliance for its Gen 3 scooter portfolio, with the eligibility assessment requirements under the Production Linked Incentive (PLI) Scheme.
This certification was awarded to all seven Ola S1 Gen 3 scooters by the Automotive Research Association of India (ARAI) with the support of the Ministry of Heavy Industries, Government of India.
The stock saw a massive surge after the PLI scheme certificate was granted to the company. OLA Electric Mobility’s share price has risen 30% since August 25.
OLA Electric Q1 FY25 results
Ola Electric’s consolidated net loss widened in the first quarter of FY26 (Q1 FY26) to Rs 428 crore. The company posted a net loss of Rs 347 crore in the corresponding quarter a year ago. However, sequentially, the loss narrowed from Rs 870 crore posted at the end of the March quarter of FY25.
The consolidated revenue from operations dropped 50% year-on-year to Rs 828 crore during the June quarter, compared to a revenue of Rs 1,644 crore in the same quarter of the last financial year.
OLA Electric stock performance
The share price of OLA Electric has risen 31% in the past five trading sessions. The stock has given a return of 56% in the last one month and 15% in the past six months. However, Ola Electric’s share price has dipped 45% in the last year.