Ola Electric shares end flat after 5% intraday surge; what analysts say

Shares of Ola Electric Mobility Ltd, which witnessed a sharp rise during intraday trade on Monday, ended the session nearly unchanged. The stock inched up 0.22 per cent to close at Rs 41.33, retreating from its intraday high of Rs 43.35 -- where it had gained 5.12 per cent.

Amid delays in expanding capacity at its cell manufacturing plant, Ola Electric's board has approved a proposal to revise the terms for utilising the proceeds from its initial public offering (IPO).

This decision to alter the timelines and usage of IPO funds comes just weeks after the company announced a delay in scaling up its gigafactory capacity, citing slower-than-expected growth in the electric vehicle (EV) market.

Earlier this month, Ola Electric informed investors it would cap the gigafactory's capacity at 5 GWh until FY2029. During its IPO in 2024, the company had outlined plans to achieve a 20 GWh capacity by mid-2026.

Given the weak technical setup and a broad consolidation range between Rs 39 and Rs 52, some analysts advise exercising caution and suggest waiting for a decisive breakout before taking fresh positions.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, noted, "Ola Electric has been hovering near its lifetime lows. The technical setup remains weak and caution is warranted. A breakdown below the Rs 40–39 zone could trigger further downside, while the Rs 48–Rs 52 zone acts as a strong resistance."

Kunal Kamble, Senior Technical Research Analyst at Bonanza, said, "Ola Electric is showing buying interest near Rs 39.82, suggesting support at that level. The stock is currently consolidating within the Rs 39–49 range, indicating a pause in momentum. However, it's too early to assume a trend reversal. Traders should wait for a decisive breakout, preferably with volume, before considering fresh positions."

Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi, observed that support could be seen at Rs 40 and immediate resistance at Rs 45. A sustained move above Rs 45 could push the stock towards Rs 49, with the near-term trading range seen between Rs 40 and Rs 49.

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 June 2025, promoters held a 36.78 per cent stake in the electric two-wheeler (E2W) player.