Overview

• Shares fell about 8–9% on Thursday to around Rs 48–49, giving back part of a nearly 29% rally across the previous two sessions.
• BSE and NSE placed the stock under a short-term Additional Surveillance Measure to caution investors over sharp price swings.
• VAHAN data through August 20 showed 9,522 Ola registrations versus 10,248 for Ather, which pressured sentiment.
• This week’s rebound was driven by Sankalp 2025 announcements including a rare-earth magnet–free Ferrite Motor, integration of the 4680 Bharat Cell in the S1 Pro+ and Roadster X+, MoveOS 6 and a Gen 4 platform, with deliveries slated to begin during Navaratri.
• Operational challenges persist with a Q1 FY26 consolidated net loss of Rs 428 crore on Rs 828 crore revenue and market share down to 17.35% in July, as analysts remain divided and flag policy risks from possible GST changes.