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Ola Electric Stock Plunges 4% as HSBC Predicts Further 37% Drop
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CNBC Awaaz•29-09-2026, 17:16
Ola Electric Stock Plunges 4% as HSBC Predicts Further 37% Drop
- •Shares of Ola Electric Mobility fell over 4% on Tuesday, September 29.
- •HSBC maintained its 'Reduce' rating on Ola Electric, setting a target price of ₹24, indicating a potential 37% decline from current levels.
- •The brokerage cited risks related to brand rebuilding and business execution as key concerns, despite progress in battery manufacturing.
- •Ola Electric has scheduled a board meeting for October 5 to consider terms for a proposed rights issue to raise up to ₹1,000 crore.
- •According to Bloomberg analyst data, 6 out of 8 analysts covering Ola Electric have a 'Sell' rating, with no 'Buy' ratings.
Key Questions Answered
HSBC has maintained a 'Reduce' rating on Ola Electric shares with a target price of ₹24, which suggests a potential downside of roughly 37% from its previous closing price.
Ola Electric has scheduled a board meeting for October 5 to consider a proposed rights issue of partly paid-up equity shares aimed at raising up to ₹1,000 crore, subject to regulatory approvals.
According to Bloomberg data, six out of eight analysts tracking Ola Electric have issued a 'Sell' rating, while two recommend a 'Hold' and none have a 'Buy' rating, with a 12-month consensus target price of ₹29.14.
