Ola Electric Shares Surge 11% on Block Deals and Ambitious EV Strategy

Ola Electric Mobility’s shares soared 11% to Rs 49 per share on Wednesday, driven by a block deal involving 0.3% of the company’s equity changing hands across ten transactions. The stock has rallied in four of the last five trading sessions, outpacing the benchmark Nifty 50 index, which gained just 1% over the past week, while Ola Electric’s shares surged 20%. The rally coincides with Ola Electric’s bold growth plans unveiled by founder and chairman Bhavish Aggarwal at the company’s annual Sankalp event. Aggarwal outlined a target of capturing 25–30% of India’s two-wheeler electric vehicle (EV) market, emphasizing vertical integration, new product launches, and high profitability margins. “Our target market share for two-wheeler EVs is about 25 to 30 percent with very high margins, so we believe we are on the trajectory again,” Aggarwal said, adding, “Ola’s mojo is still there.” Over the past six months, Ola Electric transitioned from its Gen 2 scooters to Gen 3 models, scaled up distribution, and launched its first electric bike. “It’s been two quarters of transition. Along with product transition, we’ve had a distribution scale-up. You’ll now see, leading into the festive season, the market share volumes starting to inch upwards,” Aggarwal noted.