Ola Electric's market value drops 80% since peak
Ola Electric, once leading India's EV scene, just had its worst sales month in four years—only 3,968 scooters sold in February 2026.
Their market share crashed from 35.5% in 2024 to just 3.5%, dropping them out of the top five to sixth place after being overtaken by Greaves Electric Mobility (Ampere), with the top five being TVS, Bajaj, Ather, Hero MotoCorp, and Greaves/Ampere.
CEO Bhavish Aggarwal calls sales drop a 'structural reset'
January was rough too—a massive 70% sales drop as rivals stepped up their game.
CEO Bhavish Aggarwal called this a "structural reset," saying the focus now is on fixing service issues instead of chasing big numbers.
To cope with falling sales, Ola is shrinking its retail
To cope with falling sales, Ola is shrinking its retail network from 4,000 outlets down to just 550 by March—an 86% cut.
About 5% of employees have been laid off as the company tries to steady its finances.
Revenue and market value slide
The impact? Revenue dropped by over half (to ₹470 crore) last quarter, with losses hitting ₹487 crore.
Ola's market value also slid dramatically—from about ₹69,000 crore at its peak in August 2024 to just ₹11,724 crore now—a whopping ₹57,000 crore wiped out since August 2024.