Mumbai, March 2 (IANS) Shares of Ola Electric came under heavy selling pressure on Monday, falling as much as 16 per cent, as investors remained concerned about the company’s growth outlook and falling market share in the electric two-wheeler segment.

The stock of the Bhavish Aggarwal-led company dropped 15.9 per cent on the BSE to hit a record low of Rs 21.21 per share.

By 3:10 PM, the shares were trading 4.4 per cent lower at Rs 24.11 apiece, even as the broader BSE Sensex was down around 2 per cent.

The company’s market capitalisation currently stands at Rs 10,568 crore. Trading activity remained high, with nearly 7.65 million shares changing hands on the BSE during the day, close to its two-week average volume of 8.92 million shares.

The stock has been under pressure for some time. Over the past month, Ola Electric shares have fallen more than 20 per cent, while they have declined nearly 56 per cent over the last one year.

In comparison, the Sensex has gained around 8.9 per cent during the same one-year period.

From its record high of Rs 157.53 touched on August 20, 2024, the stock has now crashed over 86 per cent.

Ola Electric had made its stock market debut on August 9, 2024, listing at Rs 76, which was the same as its IPO price.

Although the shares initially rallied after listing, they started falling from October 2024 amid concerns over slowing electric vehicle sales, loss of market share, regulatory scrutiny and weaker-than-expected deliveries.

Recent data has added to investor worries. According to the government’s Vahan portal, the company registered only 3,968 electric two-wheelers in February 2026, marking a sharp 47 per cent month-on-month decline from January.

Its market share in the electric two-wheeler segment fell to just 3.5 per cent for the month.

The decline in sales has come amid reports that the company plans to reduce its physical store network to around 550 outlets by the end of March.

At its peak, Ola Electric had around 4,000 offline retail outlets across India. By December 2025, the company said it had brought down the number of operational stores to about 700.

–IANS

pk