Ola Electric shares under pressure, nosedive 22% in 5 days
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Amid some profit booking and broader market volatility in the past week, Ola Electric Mobility shares faced significant pressure as they fell 22% in the last five trading sessions. The stock has tumbled 24% from its peak of Rs 157.40, which was made on August 20. Just seven days after its listing on the bourses, the stock had doubled in value and was trading at a higher valuation than even that of Elon Musk's Wall Street-listed Tesla. “While the long-term potential of Ola Electric, especially given the EV market's favorable outlook, might be appealing, the current valuation appears to be quite speculative. Investors should be cautious, especially given the company's ongoing losses and the high volatility in its stock price," Saji John, Senior Research analyst at Geojit Financial Services had said. Soon after the share price rise, global brokerage firm HSBC also initiated coverage on the company with a target price of Rs 1...