Ola Electric shares dip, even after ₹366cr government boost
Ola Electric's stock slipped nearly 1.52% on Monday to ₹35.64—even though the company just received approval for ₹366.78 crore under the government's PLI scheme for automakers.
The market didn't seem impressed, as Ola's shares have dropped 60.29% over the past year.
What's going on?
The fresh PLI approval is tied to Ola's sales in FY 2024-25 and aims to back its manufacturing game—SBI Securities even called it "positive for the medium term."
Plus, Ola is ramping up S1 Pro+ scooter deliveries with its new Bharat Cell battery tech across South India.
Why are investors still wary?
Despite all this good news, most trading was on the sell side and worries about profitability linger.
With a negative P/E ratio and ongoing losses, investors are waiting for stronger signs that Ola can turn things around.