Ola Electric Slumps 8%, Ather Energy Hits All-Time High

After the recent rally, EV maker Ola Electric’s shares fell 7.79% to an intraday low of ₹37.71 on the BSE, tracking a sharp decline in the broader market following stalled negotiations between the US and Iran.

At 13:45 IST, the stock was trading 6.97% lower at ₹38.05 on the BSE. The company’s market capitalisation stood at 16,783 Cr (about $1.8 Bn).

Ola Electric has zoomed 61% so far in April. The stock surged nearly 20% on April 9 (Thursday) alone to hit upper circuit at ₹36.34.

This came after the EV maker announced that its in-house developed 46100 Lithium Iron Phosphate (LFP) cell is ready, a key step in its push towards vertical integration and cost-efficient EV manufacturing.

The 46100 format LFP cell is bigger than the current NMC 4680 Bharat Cell, improving scale and cost efficiency with diverse uses across mobility and energy storage. The new cell is expected to be integrated in Ola Electric’s products from the coming quarter (Q2 FY27).

The Bhavish Aggarwal-led company is currently ramping up its Gigafactory’s capacity to 6 GWh from 2.5 GWh, while vehicles integrated with 4680 Bharat Cells are already on the road.

Additionally, its sales figures saw an improvement in March. The company said its registrations jumped over 150% MoM to 10,117 units in March from 3,973 units in February. Daily registrations crossed 1,000 units in the last week of the month and cumulative registrations surpassed the 1 Mn mark. The company had been facing declining sales and share price over the past year on the back of eroding consumer confidence and servicing backlogs.

As a result, the stock fell to as low as ₹21.21 in March from its 52-week high of ₹71.24 it touched in September 2025.

Recent positive momentum also came after Ola Electric secured the Production Linked Incentive (PLI) certification for its ebike Roadster X+ 4.5 kWh, confirming compliance with domestic value addition norms and making it eligible for government incentives.

Ather Energy Surges Nearly 10%

The decline in shares of Ola Electric today came amid selling pressure in the broader market. While Nifty 50 fell over 2% to a low of ₹23,555.6 during the intraday trading today, BSE Sensex fell 2.16% to a low of ₹75,868.32. At 13:30 IST, both indices were trading 0.94% and 0.98% lower than their previous close.

This came after US president Donald Trump announced that the country will oversee a naval blockade of the Strait of Hormuz after the US and Iran failed to reach a solution.

Despite this, Ola Electric’s rival Ather Energy continued its upward trajectory. The stock surged 9.84% to touch an all-time high at ₹948.45 intraday. At 13:45, the stock was trading over 8% higher at ₹932.90 compared to the previous close of ₹863.45.

While Ather Energy was on an upward trajectory this month on the back of improved outlook for the EV market, the current rally came after the company said it aims to cut down on aluminum usage to protect itself from shrinking profit margins amid volatile supply chains and commodity prices.

Cofounder and CTO Swapnil Jain told Business Standard that while some of its models have a high aluminium usage to offer better performance and lighter weight, recent surge in aluminum prices due to the Strait of Hormuz closure has significantly increased manufacturing costs.

To control the same, and increase focus on family-oriented vehicles that are not necessarily performance-oriented, Ather Energy aims to increase the intake of recycled aluminum while reducing overall aluminum usage. Through this, the EV maker is expected to achieve a 15% reduction in engineering costs for each vehicle for its upcoming EL platform.

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