Ola Electric Mobility, led by entrepreneur Bhavish Aggarwal, has become one of India’s biggest public market wealth destroyers lately. The EV company, which once drew parallels with Elon Musk’s Tesla, has seen Rs 57,000 crore being wiped out from its peak market cap as shares plunge to fresh lows in every session.
When Ola Electric’s shares peaked at Rs 157.53 on August 20, 2024 (weeks after listing), its valuation soared to around Rs 69,000 crore. But a rout in share prices amid falling sales and mounting losses has since slashed m-cap to below Rs 12,000 crore.
Shares of Ola Electric hit another all-time low of Rs 26.34 on Friday and closed 3.5% lower at Rs 26.58. At close, m-cap stood at Rs 11,724 crore. The fresh fall came amid reports that the company is planning a significant scale-down of its physical retail footprint in response to cooling demand.
In the past six months, the stock has plummeted more than 50% and from its all-time peak, it is now down by more than 83%. The ongoing weakness in shares can be attributed to falling sales, a sharp decline in market share, CEO and founder Aggarwal reducing stake and brokerages cutting the share price target after a weak Q3.
Analysts have a very bearish stance on Ola Electric with a consensus "Sell" rating. Domestic brokerage Emkay Global slashed its target price to Rs 20 while citing concerns over the company’s survival amid sharp operational deterioration. Kotak Securities has also given a target price of Rs 20 per share and said that Ola Electric’s results were below expectations.
Kotak added that the company is already showing visible strain, and may see a full-blown crisis ahead. It expects Ola to see big net losses and net worth erosion in FY26-FY28.
Global brokerage Citi downgraded Ola Electric to ‘Sell’ from ‘Buy’, lowering the target price to Rs 27 from Rs 55. Citi cited slower-than-expected electric vehicle penetration, continued market-share losses, and mounting balance-sheet concerns amid persistent cash burn as reasons for the downgrade.
Ola Electric last week reported a net loss of Rs 487 crore in the third quarter of the financial year 2025-26 (Q3FY26). The company’s revenue from operations fell 55% year-on-year to Rs 470 crore in Q3FY26 from Rs 1,045 crore in Q3FY25. The fall in revenue was attributed to a sharp drop in volume as the company's scooter sales nosedived to 32,680 units in Q3FY26 from 84,029 units in the same period last year.
Ola Electric’s market share came down from 35.5% in 2024 to 15% in 2025. In January, Ola Electric’s sales plummeted to 7,516 units and its market share dwindled to 6%. The company has been facing increased competition and service-related concerns among buyers.
CEO Aggarwal said that Q3FY26 marks a structural reset for Ola Electric. He added that as EV penetration growth moderated and service execution required strengthening, they made a deliberate choice -- fix the fundamentals, not chase short-term volume.