Ola Electric shares crashed 52% in six months; what lies ahead?

Ola Electric Mobility Ltd shares were trading lower in Wednesday's trade. Last checked, the stock was down 0.73 per cent at Rs 46.15. At this price, it has slumped 52.15 per cent in the last six months.

Today's drop comes even as the pure-play electric vehicle (EV) company rolled out its 0 per cent commission model nationwide, allowing drivers to keep 100 per cent of their fare earnings across all categories -- autos, bikes, and cabs -- with no restrictions on the number of rides or income. Under this model, drivers can choose their own plans and retain the full fare amount, with no deductions.

A few analysts suggested that the counter looked 'bearish' on charts with strong support at Rs 45. On the higher end, immediate resistance could be seen at Rs 48.8.

"The stock still looked weak on charts and can slip towards Rs 45 level in the near term. Fresh buying is not recommended at the current market price. Those holding should keep a strict stop loss of Rs 45. Let's wait and watch at current levels," Kiran Jani, Head of Technical Research at Jainam Broking, told Business Today.

"Ola Electric is trading nearing its lifetime low of Rs 45 subzone. The technical outlook seems bleak and any further sell-off below Rs 45 could disrupt the short-term trend. On the higher end, the Rs 52-55 zone remains a stiff resistance and a breakthrough could only ignite fresh momentum in the comparable period," said Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One.

The stock price appeared bearish on daily charts with strong resistance at Rs 48.8, noted Sebi-registered independent research analyst AR Ramachandran. "A daily close below support of Rs 44.4 could lead to a downward target of Rs 38 in the near term," he added.

Founded in 2017, Ola Electric primarily manufactures EVs and certain core components such as battery packs, motors and vehicle frames at the Ola Futurefactory. As of March 2025, promoters held a 36.78 per cent stake in the electric two-wheeler (E2W) player.