Ola Electric to close 450 stores amid falling sales
Business
Ola Electric is scaling back its stores from 700 to 550 by March 2026, after once peaking at 4,000.
This reset is all about cutting costs and staying sustainable as EV sales slow down.
In the latest quarter, revenue fell by more than half, deliveries dropped 61%, and market share slid from about 6.3% in January to about 4.2% in the first 18 days of February.
Top execs have exited the company
About 5% of Ola's staff—roughly 175 people—are expected to be impacted, and top execs like the CFO, CMO, and CTO have exited too.
On the bright side, over 80% of customer service requests are now sorted out on the same day.
Ola's shares are showing signs of being oversold
All these changes have rattled investors: Ola's shares traded around ₹26.55 on February 20 and are showing signs of being oversold right now.