Shares of EV major Ola Electric extended their downward trend and were locked in at the 5% lower circuit at INR 36.12 on the BSE today.
The stock was trading in the red for the fifth consecutive session, hitting a fresh all-time low on the BSE. The company's market capitalisation stood at INR 15,931.92 Cr (about $1.7 Bn) and more than 8.63 Cr shares changed hands by 14:05 IST.
The decline today came even as benchmark indices Nifty 50 and Sensex traded higher. On a year-to-date (YTD) basis, Ola Electric's shares are down nearly 58%.
The stock has been under pressure due to the company's eroding market share in the electric two-wheeler (E2W) segment, after-sales service concerns, and continuing losses.
Ola Electric's registrations almost halved in the month of November to 8,400 units from 16,049 units in October. It led to the EV maker slipping to the fifth position in terms of E2W registrations.
As per an HSBC report, Ola Electric's market share dropped to 7.2% last month from 24.5% in November last year, reflecting a sharp 70% decline in the market share.
In its Q2 shareholders' letter, Ola Electric noted that several OEMs are chasing market share through aggressive discounts and hefty channel incentives. In contrast, the Bhavish Aggarwal-led company said it is prioritising profitability over such tactics.
The company claimed that its auto segment achieved EBITDA profitability in Q2 FY26. However, it revised downwards its guidance for EV sales. Overall, its net loss shrank 15% YoY to INR 418 Cr in Q2. Operating revenue also slumped 43% YoY to INR 690 Cr.
Ola Electric has now redirected its focus toward battery energy storage systems (BESS), unveiling Ola Shakti in October for residential use, with deliveries slated to begin in January 2026. In its shareholders' letter last month, Ola also disclosed plans to enter the commercial BESS market.