Ola Electric shares down 19% from recent record high; analysts hint at more correction

Ola Electric Mobility Ltd shares continued their downward move for the third consecutive session in Friday's trade. The stock fell another 3.28 per cent to hit a day low of Rs 127. At this price, it has declined 19.38 per cent from its all-time high value of Rs 157.53, a level seen earlier this week on Tuesday (August 20).

Despite the mentioned drop, the recently-listed counter has gained 67.11 per cent from its initial public offering (IPO) price of Rs 76. The stock made a muted market debut on August 9 but saw a strong buying interest post-listing.

Bourses BSE and NSE have put the securities of Ola Electric under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

A few analysts largely suggested that the counter could be corrected further. Those who invested for listing gains can consider booking some profit, one of them stated.