Ola's shares plunged over 7% on Tuesday, trading below Rs 80 after hitting an all-time low of Rs 74.81. This decline followed the expiration of a three-month lock-in period, which allowed approximately 18.2 crore (182 million) previously restricted shares to be sold. These shares represent about 4% of Ola’s total equity.
During the lock-in period, which included company insiders, employees, and early investors, the sale of shares was prohibited to prevent significant fluctuations in the stock price.
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Ola, led by CEO Bhavish Aggarwal, plans to reveal its quarterly earnings for the July-September 2024 period soon. As per the company's filing on the exchange, "we wish to inform you that a meeting of the Board of Directors of Ola Electric Mobility Limited (“the Company”) is scheduled to be held on Friday, November 08, 2024, inter alia, to consider and approve the unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2024,"
The company announced that the Board of Directors would meet on Friday, November 8, 2024, to review and approve the unaudited standalone and consolidated financial statements for the quarter and half-year ended September 30, 2024.
At the time of filing, Ola Electric shares were trading at Rs 75. The 52-week high and low of the share are Rs 157.53 and Rs 74.81, respectively.
Recently, Ola Electric has also announced the launch of the groundbreaking Ola Digital Twin platform integrated with NVIDIA Omniverse to transform manufacturing processes and product development lifecycle.
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