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Ola Electric shares double in 6 sessions; analysts say valuation quite speculative
The New Indian Express
|August 20, 2024
DESPITE reporting a big surge in quarterly losses last week, Ola Electric has nearly doubled investors' money in just 10 days or 6 trading sessions.
Defying all the precautionary notes issued by analysts about investing in the company for short-term gains, the stock jumped 10% (upper circuit limit) on Monday to settle at ₹146.03 per share on the BSE. It debuted on exchanges at issue price of 76 on August 9.
"While the long-term potential of Ola Electric, given EV market's favorable outlook, might be appealing, the current valuation appears to be quite speculative. Investors should be cautious given the company's ongoing losses and high volatility in its stock price.
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