Ola Electric Shares Hit Upper Circuit; Jump 20% - What's Behind The Rally?

New Delhi, Nov 27 (PTI) Shares of Ola Electric Mobility Ltd surged 20 per cent on Wednesday following announcement of its foray into the commercial segment with the launch of 'Gig' range of scooters.

The stock jumped 19.99 per cent to settle at Rs 88.16 -- its upper circuit limit -- on the BSE.

At the NSE, it zoomed 19.99 per cent to Rs 88.10 -- the highest trading permissible limit for the day.

Ola Electric on Tuesday announced its foray into the commercial segment with the launch of 'Gig' range of scooters with an introductory price of Rs 39,999, targeting gig workers.

The company also launched its S1 Z model, a personal-use electric scooter aimed at urban commuters priced at Rs 59,999.

The Gig range has been designed to address the needs of gig workers involved in both shorter and longer trips through two variants -- 'Gig' and 'Gig+' -- with introductory prices of Rs 39,999 and Rs 49,999 (ex-showroom), respectively.

The range will be available for business-to-business (B2B) purchases and rentals, Ola Electric said in a statement.

The 'Gig' is aimed at gig workers involved in shorter trips. It offers a range of 112 km on single charge with a top speed of 25 kmph.

On the other hand, 'Gig+' is built for those having to travel longer distances with heavier payloads. It comes with a top speed of 45 km/hr and a removable single/dual battery of 1.5 kWh with a range of 81 km, the company said.

"With the launch of the Ola Gig and S1 Z range of scooters, we will further accelerate EV adoption, catering to a wide range of personal and commercial use cases with affordability, reliability, and safety as the core pillars," Ola Electric Chairman & Managing Director, Bhavish Aggarwal said.