Ola Electric Mobility Shares Hit Three-Week Low As Anchor Investors Set To Offload Stake

Shares of Ola Electric Mobility Ltd. declined to over three-week low on Monday, as anchor investors are set to sell shares. In the first round of share sale, anchor investors will release 18.17 crore shares or 4.08% of its total equity.

Anchor investors are required to hold stake for a minimum of 30 days. They can sell up to 50% of their current holding. The next round of anchor book is available for sale on Nov. 8.

Ola Electric Mobility stock listed flat on Aug. 9, compared to an issue price of Rs 76 apiece. On the listing day, the stock ended 20% higher at Rs 91.2 apiece on the National Stock Exchange.

Shares of Ola Electric Mobility Ltd. declined as much as 4.44%, the lowest level since Aug. 14. They pared some losses to trade 4.10% lower at Rs 105.08 per share as of 10:09 a.m., compared to a 0.04% decline in the NSE Nifty 50.

The stock has gained 15.22% since listing. Total traded volume so far in the day stood at 0.3 times its 30-day average. The relative strength index was at 53.55.

Two analysts tracking the company maintain a ‘buy’ rating, according to Bloomberg data. The average 12-month analysts’ consensus price target implies an upside of 40.7%.