New Delhi, Sep 2 (IANS): Bhavish Aggarwal-run Ola Electric clocked its lowest monthly sales this year, dropping 34 per cent sequentially to 27,506 units in August, as its market share nosedived further to 31 per cent.

As per vehicle registration data available on the central government's Vahan portal, Ola Electric had a market share of 31 per cent in India's electric two-wheeler (2W) market in August as its closest rivals TVS and Bajaj Auto logged 20 per cent and 19 per cent market share, respectively.

The company’s retail sales of 27,506 units are lowest in the calendar year to date, down by 34 per cent compared to 41,711 units it sold in July.

According to VAHAN data, 88,451 electric two-wheelers were registered in August 2024, as against 62,767 units in the year-ago period — a growth of 41% year-on-year. Sequentially, however, the industry shrank 41.5 per cent.

The surge in volumes of the TVS iQube and Bajaj Chetak models can be attributed to the newer, cheaper models introduced by the incumbents.

The share of Ola Electric dropped again on Monday, and was hovering around Rs 114 apiece during intra-day trade.

The company’s retail sales of 27,506 units are its lowest in the calendar year to date. While the August 2024 numbers are up 47 per cent YoY, these are down by 34 per cent compared to 41,711 units in July.

Ola Electric’s shares have tumbled over 27 per cent from its record peak of Rs 157.53 a piece, leaving investors jittery amid profit booking and broader market volatility. Ola Electric’s stock made a muted market debut on August 9 but saw a strong buying after the listing. At present, the scrip has been under selling pressure after scaling lifetime high.

According to market analysts, the stock value is inflated and will further correct itself and investors with high-risk appetite should only go for it. The experts mentioned that the company’s stock is not looking good and can slip further towards Rs 110 level over the near term.