Shares of Ola Electric plunged 7.90% today (November 5) to hit a new all-time low at INR 74.23.

This causes Ola Electric’s share price to fall by 53.22% from its high of INR 157.53, reached on August 20, 2024.

The company’s market capitalization has now fallen to around $3.89 billion.

Continuing its downward trend this week, shares of Ola Electric plunged 7.90% today (November 5) to hit a new low of INR 74.23.

This causes Ola Electric’s share price to fall by 53.22% from its high of INR 157.53, reached on August 20, 2024.

The company’s market capitalization has now fallen to around $3.89 billion.

Notably, Ola Electric’s share price fell below its listing price of 76 INR last month.

After its debut on August 9, the stock initially surged, nearly doubling to INR 157.53 in a few weeks before reversing the trend.

Several factors have led to the decline in the company’s stock price over the past two months. One of the main reasons for this downward movement is the increasing number of complaints regarding the company’s electric scooters in recent times.

Meanwhile, the company announced on Monday that it will report September quarter 2024 (Q2 FY25) results on Friday (November 8).

(Story will be updated soon)