Ola Electric falls 22% in 5 sessions after stock doubles post market debut; m-cap erodes by Rs 11,000 cr

Ola Electric share price continued its downtrend in August 26 trade, falling sharply by 5 percent.

Earlier this month, shares of Bhavish Aggarwal-led electric two-wheeler company listed at Rs 76 on the NSE. Within a few sessions, the counter more than doubled to hit a record high of Rs 157.53 on the BSE August 20.

However, ever since, the scrip has been on downtrend, falling 22 percent in the last five sessions. The stock is down 23.37 percent from its record high last Tuesday when it hit Rs 157.53. The company's market capitalisation has reduced to Rs 53,327crore as on August 26, compared to a Rs 64,411 crore on August 19.