Tue Dec 03 12:32:16 UTC 2024: ## Ola Electric Shares Surge on Expansion Plans

**MUMBAI, INDIA – October 29, 2024** – Shares of Ola Electric Mobility Ltd. experienced a significant rebound on Monday, recovering sharply after an initial dip. The stock initially fell 7.06% to ₹81.25 but then rallied 16.31% to reach a high of ₹94.50, fueled by the company’s announcement of a major expansion plan.

Ola Electric revealed plans to quadruple its company-owned store network to 4,000 by December 20, 2024. This will create India’s largest EV distribution network, covering all pin codes and marking one of the world’s largest expansions in the EV sector. The new stores will include integrated service facilities.

Chairman and Managing Director Bhavish Aggarwal stated that this expansion is a pivotal step towards accelerating the adoption of electric vehicles in India, reaching beyond Tier-1 and Tier-2 cities. The company recently launched its Gig and S1 Z scooters, priced from ₹39,999 (ex-showroom).

Analysts offered bullish predictions, with several forecasting near-term targets ranging from ₹98 to ₹102, though they also cautioned investors to maintain stop-loss orders. While Ola Electric’s stock has been in a corrective phase, analysts at firms like Angel One, Religare Broking, and StoxBox see potential for further growth.

It’s worth noting that Ola Electric’s shares are currently under the short-term Additional Surveillance Measure (ASM) framework by the BSE and NSE due to high volatility. The company, founded in 2017, is a major player in the Indian EV market, manufacturing electric vehicles and key components. Promoters hold a 36.78% stake as of September 2024.

Read More