Ola Electric shares jump 16% to ₹34.80 after heavy trading
Business
Ola Electric's stock just shot up 16% in a single day, closing at ₹34.80, its biggest jump since April.
Trading was wild too, with nearly 345 million shares changing hands, which is about 10 times more than usual.
Ather Energy results aid Ola Electric
The boost came as the overall auto market bounced back, and rival Ather Energy posted strong results.
These wins helped Ola Electric shake off some recent negativity from broker downgrades and investor doubts.
Goldman Sachs downgrade hits Ola Electric
Even with Tuesday's surge, Ola Electric shares are still down about 4% for October, after Goldman Sachs downgraded the stock over high costs and slow-growth worries.
Plus, SVF II Ostrich (DE) LLC, SoftBank's investment vehicle, recently sold a chunk of its rights entitlements as part of Ola's ₹1,000 crore fundraising plan.