Ola Electric Share: Stocks fell more than 12% in 2 days, Goldman Sachs gave a new target:

News Topical, Digital Desk : Ola Electric Share: Shares of Ola Electric Mobility Limited fell by 6% on Friday , September 5. With today 's decline , the total decline in 2 days has become 12 % . The stock has declined 3 times in the last 5 trading sessions . However , in the 6 sessions between August 22 and September 3 , Ola Electric shares had registered a gain of up to 46 % with strong volumes .

The reason for the latest decline is SVF II Ostrich ( DE) LLC , which is associated with SoftBank . Actually, there is news of selling a large part of the company's stake . In this stake , 94.9 million equity shares were transacted from July 15 to September 2 , due to which SoftBank 's share has decreased from 17.83% to 15.68% . At the same time, global brokerage company Goldman Sachs has maintained a 'buy' rating on Ola Electric and has reduced its price target to ₹ 72 .

Approval of PLI scheme

From a business perspective , the company has made changes to its battery cell manufacturing project. Now Ola Electric will aim to achieve 5 GW capacity instead of 20 GW by 2030. The company has also received approval for the Production-Linked Incentive (PLI) scheme for its Generation 3 vehicle models . It plans to launch a new series of performance scooters early next year . Currently , Ola Electric shares are trading down 6.08 % at ₹ 60.58 , which is even lower than its IPO price of ₹ 76 per share.
During this period, the stock is facing fluctuations due to changes in the share of big investors in the market and amendments in business plans, while Goldman Sachs remains confident about the future performance of the company.