Ola Electric Mobility shares tank 5% today; here's what analysts say

Ola Electric Mobility Ltd shares fell sharply in Monday's trade after the pure-play electric vehicle (EV) company's chief marketing officer Anshul Khandelwal and chief technology & product officer Suvonil Chatterjee stepped down from their respective positions citing personal reasons.

"With reference to the captioned subject and mentioned reference, we hereby inform you that, Mr. Anshul Khandelwal, Chief Marketing Officer, and Mr. Suvonil Chatterjee, Chief Technology and Product Officer, have tendered their resignation with effect from December 27, 2024," the Bhavish Aggarwal-led firm stated in a BSE filing.

Earlier this month, the Bhavish Aggarwal-led EV firm received another showcause notice from the Central Consumer Protection Authority (CCPA), seeking additional documents and information in relation to the handling of consumer complaints.

The stock today slipped 4.62 per cent to hit a day low of Rs 85.93. It was last seen trading 3.72 per cent lower at Rs 86.74. At this price, the scrip has declined 7.13 per cent in a month.

Investors with a high-risk appetite can add this stock with a one-year investment horizon, Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, suggested.

Technically, support on the counter could be seen at Rs 80 level.

"The overall structure is not looking good on daily charts. One can buy the stock around Rs 85 level for an upside target of Rs 100. Keep stop loss placed at Rs 80," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.

The scrip traded lower than the 5-day, 10-, 20-day and 30-day simple moving averages (SMAs) but higher than the 50-day SMA. The stock's 14-day relative strength index (RSI) came at 42.23. A level below 30 is defined as oversold while a value above 70 is considered overbought.

Around 25.10 lakh shares changed hands today at the time of writing this story. The figure was lower than the two-week average volume of 38.87 lakh shares. Turnover on the counter came at Rs 21.83 crore, commanding a market capitalisation (m-cap) of Rs 38,202.20 crore.

In a separate development, Ola Electric has unveiled 'Ola Reverse 2024' data. It highlights the impact of the Ola S1 community in driving India's EV revolution, saving a staggering Rs 1,300 crore in fuel costs collectively.

Founded in 2017, Ola Electric is a pure-play electric vehicle player that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors and vehicle frames at the Ola Futurefactory. As of September 2024, promoters held a 36.78 per cent stake in the E2W player.