declined 1.52 per cent to ₹35.64 in morning trade on Monday, despite the company securing a substantial government incentive just days before the weekend.
The electric vehicle manufacturer received approval for ₹366.78 crore under the scheme for automobiles and auto components, as announced on December 25. The incentive pertains to the company’s sales value achieved in FY 2024-25 and will be disbursed through IFCI Limited.
The stock opened at ₹36.37 and touched a high of ₹36.43 before declining to an intraday low of ₹35.62. Trading activity showed heavy selling pressure, with 70.96 per cent of total quantity on the sell side compared to 29.04 per cent on the buy side. The counter recorded a traded volume of 136.81 lakh shares worth ₹49.16 crore.
SBI Securities noted the PLI approval as positive for the medium term, recognizing it as validation of Ola Electric’s manufacturing capabilities and scale. The incentive supports the government’s vision of establishing India as a global hub for automotive manufacturing.
Adding to recent developments, Ola Electric on December 28 announced scaling up deliveries of its S1 Pro+ scooter powered by indigenously manufactured 4680 Bharat Cell battery packs across Tamil Nadu, Kerala, Telangana and Karnataka. The company claims to be India’s first to fully own the cell and battery pack manufacturing process in-house.
Despite these positive announcements, investor sentiment remained subdued. The stock has declined 60.29 per cent over the past year and is down 58.58 per cent year-to-date, reflecting broader concerns about the company’s operational performance. The counter saw deliverable quantity at 56.52 per cent of traded volume.