Ola Electric Mobility share price hits 52-week low after THIS Vahan portal registration update

Stock Market Today: Ola Electric Mobility share price hits 52-week low during the morning trades on Wednesday. The same was after the Vahan portal registration update

Ola Electric Mobility share price movement

Ola Electric Mobility share price opened at ₹59.34 on the BSE on Wednesday, lower than the previous days close of ₹60.34. The Ola Electric Mobility share price thereafter dipped further to intraday lows of ₹58.50, which also happened to be the 52 week or 1 year lows for Ola Electric Mobility share price

Ola Electric Mobility notification details

Ola Electric Mobility in its release on the exchanges on 19 February 2025 indicated that its February 2025 registration numbers (on the VAHAN portal) will be momentarily impacted due to ongoing negotiations and registration process optimization.

Ola Electric Mobility notified that exchanges that in order to lower costs and improve the efficiency of the registration process, it is renegotiating the terms of its agreements with its agents, Rosmerta Digital Services Private Limited and Shimnit India Private Limited. This may mean that through February 2025, its sales will remain affected

Ola Electric press release on the exchanges read as follows- "We would like to inform you that, we are renegotiating the terms of agreement with our agencies, namely Rosmerta Digital Services Private Limited and Shimnit India Private Limited, to reduce cost and enhance registration process efficiencies. Due to ongoing negotiations and optimisation of the registration process, our registration numbers for the month of February 2025 (on VAHAN portal) will be temporarily impacted.

Ola Electric Mobility however also said that “Our sales continue to be strong through February 2025 and the dip in registration will be streamlined in the next few weeks”.

The Ola Electric Mobility share price thereby while dipped to lows however rebounded smartly to intraday highs of ₹61.59 , marking a recovery of more than 5% from intraday lows.

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