Mumbai, Aug 1
Ola Electric, once the leader in India’s electric two-wheeler market, is seeing its dominance fade fast as the company sold 17,848 units in July -- a steep 57.29 per cent drop from 41,802 units sold a year ago, the government’s VAHAN data showed on Friday.
The Bhavish Aggarwal-led company’s market share dropped to 17.35 per cent in July, compared to 38.83 per cent in the same month previous year.
This decline has badly hit Ola Electric’s market value. Its market capitalisation has fallen by more than 45 per cent, from Rs 33,521 crore ($3.95 billion) to Rs 18,190.2 crore ($2.14 billion).
The stock is now trading at around Rs 41.2, well below its listing price of Rs 76. Soon after listing, the shares had touched an all-time high of Rs 157.4.
In last six months, the shares have dropped over 43.3 per cent or Rs 31.69. On year-to-date (YTD) basis, the shares of the company dropped by over 52 per cent or Rs 44.84.
The company’s volumes have also fallen sharply month-on-month, as it continues to face growing competition and user complaints, as per multiple reports.