Ola Electric shares experienced a sharp plunge of around 6% on Monday, hitting a fresh all-time low level, after 0.55% of the company's equity worth ₹107 crore changed hands in a block deal.
According to a report by CNBC TV18, the equity changed hands at an average price of ₹44 per share. The identities of the buyers and sellers involved in the transaction are not yet known. The Bhavish Aggarwal-owned firm concluded the previous trading session (on Friday) at ₹46.08 per equity share and touched an all-time low of ₹43.16 on Monday.
At 12:40 pm, Ola Electric shares were trading at ₹43.95, down by 4.62% on the National Stock Exchange. Interestingly, this news comes after the shares of the EV-maker witnessed another block deal worth ₹731 crore, just earlier this month. Around 14.22 crore shares or 3.23% of the company's equity exchanged hands in the block deal. The average price per equity share stood at ₹51.4, wherein Hyundai Motor Company was the reported seller in the transaction.
The shares of the EV firm have struggled to trade in the green territory since its listing last year. Since its listing last year, Ola Electric shares have plunged over 42% on the D-street. Over the last 6-month period, the Softbank-owned firm has seen a decline of more than 50% in its share price.
Ola Electric Q4
The EV-maker failed to impress investors in its Q4 earnings as the company reported a net loss of ₹870 crore in the quarter. The revenue from operations figure followed suit and plunged over 62% year-on-year (YoY) to ₹611 crore. Ebitda margins declined to -101.4% from -16.4% in the corresponding quarter of the previous fiscal year. The company's market share also dropped to third spot in India's electric two-wheeler segment, as TVS Motor and Bajaj Auto claimed the top two positions.
So far this year, Ola Electric shares have witnessed a drop of nearly 50% on the National Stock Exchange.
