Ola Electric shares drop 9 percent as board plans fresh fund raise

Ola Electric Mobility shares fell by up to 9 percent on Friday, September 25, ending four straight days of gains. The sudden drop came after the company announced that its board will meet on September 28 to discuss raising fresh capital through a rights issue of equity shares, pending regulatory approvals. The company shared this plan in an exchange filing under Regulation 29(1)(d) of SEBI Listing Regulations. This follows a previous fund raise in June, where the electric two-wheeler maker raised 780 crore rupees through a qualified institutional placement, or QIP. That QIP saw strong support from global investors like Goldman Sachs and BNP Climate Fund, alongside several Indian mutual funds. Meanwhile, the company reported strong sales growth, with VAHAN vehicle registrations nearly doubling to 43,719 units in the first quarter of fiscal year 27 compared to the previous quarter. June was the strongest month with 16,144 registrations, driven by better retail work and rising customer demand. On the stock market, shares opened at 42.50 rupees on the BSE, hit a low of 38.70 rupees, and reached a high of 42.52 rupees. Hitesh Rathi, an analyst at Angel One, pointed out that the stock is currently trading in a set range, with upside resistance around 46 to 47 rupees and strong support near 35 to 36 rupees.