Ola Electric shares dip nearly 8% after consecutive record highs

Ola Electric share price: Ola Electric Mobility Ltd.'s shares experienced a dramatic fluctuation in early trading today, peaking at an all-time high of Rs 157.40 before dipping sharply. The stock surged by as much as 7.53 per cent during the morning session but faced a reversal, dropping 7.6 per cent to an intraday low of Rs 135.20 on the NSE.This recent peak follows a strong upward trend since the company's IPO on August 9, where shares initially listed at Rs 76. Over the past seven sessions, the stock has more than doubled, reflecting a significant rise in investor interest.The IPO, which raised Rs 6,140 crore, saw an anchor book portion of Rs 1,535 crore allocated to retail and non-institutional investors, representing 25 per cent of the offering. The share price today hit a high of Rs 157.53 on the BSE before retreating. The stock's relative strength index reached 100, indicating overbought conditions.Despite today's dip, the company's market capitalisation surged to Rs 64,411.35 crore, bolstered by optimistic coverage from global brokerage HSBC, which has a 'BUY' rating with a target price of Rs 140. HSBC's positive outlook is driven by the potential success of Ola Electric's battery venture and supportive regulatory policies for electric vehicles (EVs) in India.The company's CEO, Bhavish Aggarwal, has seen his net worth soar to approximately Rs 21,000 crore, thanks to the rising value of his 30.02 per cent stake in the firm. Aggarwal’s stake is valued at Rs 20,856 crore ($2.48 billion), with shares climbing from an IPO price of Rs 76.Ola Electric's share price had previously hit the upper circuit limit of Rs 146.03 on the BSE and Rs 146.38 on the NSE, marking a significant gain since its debut. However, the recent drop highlights the inherent volatility in the stock market and investor reactions to rapid price increases.The company's recent performance and product announcements, including the new 'Roadster Series' motorcycles and the integration of AI virtual assistant Krutrim, have contributed to the stock’s volatile trading pattern.The IPO was oversubscribed by 4.27 times on its final day, highlighting strong market interest in Ola Electric, the first EV manufacturer to go public in India.

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Ola Electric shares dip nearly 8% after consecutive record highs

Over the past seven sessions, the stock has more than doubled, reflecting a significant rise in investor interest.

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