Ola Electric shares fell 6.3% to ₹38.27, trading nearly 50% below its IPO issue price
Ather Energy surged 5.19%, reaching a fresh 52-week high with a 180% gain since listing
Ola's market share plummeted from a peak of 50% to 4.6% as of March 2026
Shares of Ola Electric Mobility fell around 6.3% on Tuesday to close at ₹38.27. The stock had opened at ₹39.79 and declined to an intraday low of ₹37.70.
The drop follows a three-session rally last week, driven by positive developments such as progress in in-house battery technology, production-linked incentive (PLI) certification and the milestone of crossing one million cumulative registrations.
1 April 2026
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However, the stock corrected at the start of this week, falling as much as 7% on Monday to an intraday low of ₹37.96, as investors booked profits after a sharp 40% rally.
In contrast, shares of rival Ather Energy rose about 5.19% on Tuesday to close at ₹907.85. The stock opened at ₹863.05 and touched an intraday high of ₹948.
Ather Energy shares also hit a fresh 52-week high during Monday’s trading session, rising over 9.8% to ₹948, amid strong investor interest in green energy stocks following the government’s proposed EV Policy 2.0 framework. The stock’s 52-week low stands at ₹288.15, recorded on May 7, 2025.
Ola vs Ather: Post-Listing Performance
Ola Electric, which listed in August 2024 at an issue price of ₹76, initially saw a modest uptick but has since undergone a consistent correction.
The stock is currently trading near ₹38, roughly 50% below its IPO price, with a market capitalisation of around ₹16,800–17,000 crore.The decline has been driven by slower-than-expected sales growth, regulatory scrutiny, and operational challenges, including service issues and internal restructuring.
Reports of an insolvency petition against a subsidiary and job cuts have further impacted investor sentiment. While there have been periodic recoveries supported by cost-cutting efforts, localisation of battery manufacturing and new product launches, the stock remains volatile amid ongoing concerns around execution and profitability.
In comparison, Ather Energy, which listed in May 2025 in the ₹304–₹321 price band, has delivered strong gains after an initially muted debut near ₹310.
The stock is now trading above ₹900, representing a rise of over 180% from its issue price, with a market capitalisation of approximately ₹34,000–35,000 crore, more than double that of Ola Electric.
Ather’s performance has been supported by consistent improvements in fundamentals, including rising sales, narrowing losses and better cost efficiencies. New product launches, such as family-oriented scooters, along with aggressive showroom expansion and supportive EV policies, have strengthened its growth trajectory.
Market Share Shuffle
Ola Electric has lost significant ground in India’s electric two-wheeler market. At the time of its IPO in mid-2024, it reportedly held around 39% market share, which fell to 27% by September 2024 after consecutive monthly declines from a peak above 50%.
By March 2026, its market share had dropped to 4.6%, placing it fifth with 6,381 registrations.
This decline has been driven by service-related complaints, regulatory scrutiny and intensifying competition from players such as TVS Motor Company, Bajaj Auto, Ather Energy and Hero MotoCorp’s Vida brand. Although industry-wide discounting in March boosted volumes, it was not enough to restore Ola’s earlier dominance.
On the other hand, Ather Energy has gained market share. In its Q3 FY26 earnings call, the company reported an 18.8% market share for the quarter, with October 2025 marking a peak monthly share of 20%.
By March 2026, it maintained a similar share and ranked third in the market, supported by an expanding retail network of around 600 stores, with plans to reach 700 by the end of the fiscal year.
The gains have been driven by the success of its Rizta family scooter, expansion into non-South and middle-India markets, a wider retail footprint, and improved cost discipline.
Financial Performance
On financial performance, Ather reported stronger operating metrics in Q3 FY26, with 68,000 units sold, total income of ₹995.7 crore. The company reported an adjusted gross margin of ₹251 crore, an EBITDA margin of around -3%, and a net loss of ₹84.6 crore.
Sales grew 50% year on year, while per-unit manufacturing costs declined by 7%.
Ola Electric’s performance in the same quarter was weaker, with 32,680 deliveries, ₹470 crore in revenue, a gross margin of 34.3%, an adjusted EBITDA margin of -68.7%, and a net loss of ₹487 crore.
The company described the quarter as a “structural reset” and is targeting up to a 50% reduction in operating costs.
