Business · Updated 23 Oct, 02:31 pm IST
Ola Electric shares fall after Goldman Sachs downgrades stock
Why it matters for readers: If you're curious, this shows why market reactions happen when analysts change ratings and companies raise capital.
- Ola Electric shares dropped up to 7.6% to an intraday low of about ₹29 on the BSE on October 23.1
- Goldman Sachs downgraded Ola Electric to 'Sell' and cut the price target to ₹23, citing a difficult path to cash-flow positivity due to high interest costs and capex needs.1
- Goldman also trimmed Ola's top-line growth projections by up to 10% for FY27–29.1
- The downgrade came a day after Ola opened a ₹1,000 crore rights issue for bidding.1
- Within hours of the rights issue opening, Motilal Oswal and Calliope Capital Advisors applied for a combined 2.39 crore shares transferred by promoter entities, and founder Bhavish Aggarwal pledged a 4.32% stake to fund participation.1
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