Ola Electric shares dropped nearly 4% on October 29, touching a new low of ₹74.82, falling below its issue price of ₹76 for the first time since listing in August 2024.
The stock had surged 107% to a peak of ₹157.53 on August 20 but has since plummeted 52.5%, raising concerns about its long-term performance. Ola’s IPO, valued at ₹6,145.56 crore, was highly subscribed, with 4.45 times bids across investor categories. Retail investors showed strong interest, with a minimum lot of 195 shares costing ₹14,820.