By Admin 
Ola Electric Share: On Wednesday, the third trading day of the week, the shares of Ola Electric Mobility Ltd.Share are shining brightly. In today’s trading session, shares of Ola Electric have gained about 5 percent so far.
The share price of this electric vehicle (EV) manufacturing company has increased by 4.9 percent today to Rs 29.35 per share, which is the fastest gain achieved in a single day since February 3 this year. There is a reason for this surge in the company’s shares. In fact, the Bombay High Court stayed the arrest warrant issued against the Chief Executive Officer (CEO) of the company. Due to this, there is a race in the stock market today to buy shares of Ola Electric.
Ola Electric shares in recovery mode
According to a Bloomberg report, with this rise in shares today, the trend of decline in the shares of Ola Electric for the last four days has been broken. It is currently trading at 2.8 times the average 30-day trading volume. On February 17, shares of Ola Electric had touched their all-time low level of Rs 27.36.
This shows that it is currently in recovery mode. This company with a market cap of Rs 12800.23 crore is trading about 60 percent below its issue price of Rs 76. The shares had made their all-time high level of Rs 157.40 in August 2024. In this respect, there is a decline of about 80 percent now. Since January till now, shares of Ola Electric have fallen by 20 percent.
What is the matter of arrest?
Ola Electric has informed that the Bombay High Court has stayed the warrant issued by the District Consumer Commission of South Goa against the company’s owner Bhavish Aggarwal. The court also found that the commission had violated its jurisdiction under the Consumer Protection Act while issuing the warrant.
The case was based on a complaint lodged by Pritesh Chandra Ghadi, in which he had said that problems persisted with the second generation scooter of Ola S1 even after repairs. On this, along with the return of Rs 1.47 lakh, the complainant had also demanded an additional Rs 50,000 for mental harassment.
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