Shares of Ola Electric Mobility Ltd. are finally taking a breather after doubling in seven sessions since listing on Aug. 9. The share price of the Bhavish Aggarwal-led company hit an intraday high of Rs 157 a piece before cooling off in Tuesday morning trade.
The Ola Electric IPO, totalling Rs 6,140 crore, included an anchor book portion. Of this, Rs 1,535 crore was allocated to retail and non-institutional investors, making up only 25% of the IPO or 4.6% of the company's equity post-issue.
Why Are Ola Electric Shares Hitting Upper Circuit
The stock rose as much as 7.53% to hit fresh record high of Rs 157.40 apiece. It pared gains to trade 5.95% higher at Rs 155.09 apiece as of 9:38 a.m. This compares to a 0.36% advance in the NSE Nifty 50 Index.
Total traded volume so far in the day stood at 0.9 times its 30-day average. The relative strength index was at 100.
The one analyst tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an downside of 7.6%.
Ola Electric Hits Upper Circuit Again, Crosses Rs 60,000 Crore In Market Cap. Read more on Markets by NDTV Profit.