Ola Electric's Share Price Soars 92%, Doubling from IPO Price

Ola Electric’s share price rose by 9.99 per cent to Rs 146.38 at the NSE at 12:30 pm, up from its previous close of Rs 133.08. The share price increased by approximately 92 per cent from the IPO price of Rs 76.  

This comes at a time when brokerage firm HSBC gave a ‘buy rating’ to Ola Electric. The brokerage firm believes that Ola Electric is a worthwhile investment due to its favorable risk-reward ratio in its battery business and consistent regulatory support. 

“We believe in the near-term (12-24 months) – regulatory support will remain intact and hence Ola will attempt to maximise volumes in the near-term. Higher volumes mean better operating leverage and hence means Ola is better able to absorb an eventual reduction in regulatory support,” the brokerage firm reportedly said.  

The brokerage firm highlighted that with 49 per cent market share in the June quarter, Ola has an advantage. The domestic production of batteries is also something that will differentiate it from other companies, as per the brokerage firm. However, factors such as unprecedented regulatory approvals, slow pace of EV adoption in India, increasing competition in the EV market are some factors that might act against it.  

This comes at a time when the company launched its new Roadster series e-bike. The starting price for the same is Rs 74,999. Additionally, the company also mentioned that it will launch new automated dark stores with a focus on its quick commerce expansion plans.  

Read: How Ola Plans to Enter Quick Commerce Space With Automated Dark Stores, ONDC Partnership

Ola has also talked about its new AI chips plans. Krutrim AI, the AI start-up owned by Ola founder Bhavish Aggarwal, will launch the country’s first AI chip in 2026. Aggarwal reportedly said at the company’s event, “Our goal is to push the boundaries of AI chip performance by 2028. This is a bold and ambitious project, but we are committed to delivering our first AI chip for India by 2026.”