Ola Electric shares snap 2-day rally, slide 9%; here's what analysts say

Shares of Ola Electric Mobility Ltd slipped sharply on Thursday, snapping a two-day rally. The stock fell 8.54 per cent to close at Rs 48.83. Both BSE and NSE have placed the company's shares under the short-term Additional Surveillance Measure (ASM) framework, a move aimed at cautioning investors against heightened price volatility.

The correction followed VAHAN registration data, which showed Ola Electric lagging behind rival Ather Energy in August sales. As of August 20, Ola Electric reported 9,522 registrations, compared with Ather's 10,248.

Separately, the pure-play electric vehicle (EV) firm recently showcased its commitment to building the future of energy and mobility sovereignty in India at a company event.

The Bhavish Aggarwal-led firm unveiled its Ferrite Motor, which eliminates the import of heavy rare earth (HRE) magnets, launched the S1 Pro+, S1 Pro Sport 5.2kWh and Roadster X+ 9.1kWh with 4680 Bharat Cell, presented a working prototype of its Moonshot Project – Diamondhead and rolled out its AI-powered MoveOS 6. It also shared details on its Gen 4 platform, which will power its upcoming two-, three- and four-wheelers.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said the stock had witnessed buying interest in the past few sessions but saw profit booking today after VAHAN data weighed on sentiment. He added that investors with a higher risk appetite could continue to hold the stock.

On the technical front, support on the counter could be seen in the Rs 48.45-46 range.

Kunal Kamble, Senior Technical Research Analyst at Bonanza, said, "Ola Electric has bounced back from its previous support at Rs 39.60 and delivered a rounding bottom breakout. The breakout target was quickly achieved in today's session, which was followed by profit booking at higher levels. The stock remains bullish as long as it sustains above Rs 48.45. A slip below this level could invite further selling pressure and lead to a retest of the support zone. For fresh entry, it is advisable to wait for a breakout above Rs 54.50. Once sustained, the stock has the potential to rally towards Rs 64 in the near term."

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, highlighted support at Rs 46 and resistance at Rs 55. A move above Rs 55 may open the door for Rs 58, while the stock is expected to trade within the Rs 45–58 range in the short term.

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.