Ola Electric's stock dives 12% in 2 days
Ola Electric's stock has dropped 12% in just two days, now trading at ₹60.58—well below its IPO price of ₹76.
This comes right after a huge 46% rally in late August and early September.
The decline came after SoftBank sold over 9 crore shares (94.9 million) between July 15 and September 2, trimming its stake and shaking up investor confidence.
Goldman Sachs isn't too worried
Goldman Sachs isn't worried—they've actually bumped their target price to ₹72 and still call Ola Electric a 'Buy.'
So even with the dip, big players see long-term potential.
But SoftBank's massive sell-off (over 9 crore shares since July) has definitely spooked the market for now.
In other news for Ola
Ola is dialing back its battery cell capacity goal from 20 GWh to 5 GWh by 2030, signaling a more cautious growth plan.
On the bright side, their Gen-3 scooters just got government incentives, and new high-performance models are set to launch next year—keeping things interesting in India's competitive EV scene.