Ola Electric share price: Today's downward move in the share price came after it was reported that the pure-play electric two-wheeler maker is laying off more than 1,000 employees and contract workers. 
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Ola Electric share price: Today's downward move in the share price came after it was reported that the pure-play electric two-wheeler maker is laying off more than 1,000 employees and contract workers. Shares of Ola Electric Mobility Ltd extended their fall for the sixth consecutive session in Monday's trade. The stock tumbled 5.52 per cent to hit a record low of Rs 53.71. Last checked, it was down 3.73 per cent at Rs 54.73. At this price, the scrip has cracked 51.80 per cent in the last six months.
Today's downward move in the share price came after it was reported that the pure-play electric two-wheeler maker is laying off more than 1,000 employees and contract workers as it seeks to prioritise profitability. However, Business Today could not verify this information at the time of publishing this story.
Ola Electric's stock recorded heavy trading volume on BSE today as around 41.06 lakh shares changed hands. The figure was higher than the two-week average volume of 23.87 lakh shares. Turnover on the counter came at Rs 22.60 crore, commanding a market capitalisation (m-cap) of Rs 24,114.01 crore. There were 5.35 lakh sell orders against buy orders of 4.12 lakh shares.
On the technical play, the counter looked weak on daily charts. "The structure looks bleak with limitations on any technical support zone. A decisive recovery beyond the breakdown zone of Rs 67-68 could only bring the momentum back in the counter," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
The expected trading range will be between Rs 52 and Rs 64 for the short term, said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi.
The scrip traded lower than the 5-day, 10-, 20-, 30-, 50-day and 100-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 23.41. A level below 30 is defined as oversold while a value above 70 is considered overbought.
Founded in 2017, Ola Electric is a pure-play electric vehicle player which primarily manufactures EVs and certain core components such as battery packs, motors and vehicle frames at the Ola Futurefactory. As of December 2024, promoters held a 36.78 per cent stake in the E2W player.
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