Ola Electric's Stock Rebounds After Dipping to Record Low

Shares of Ola Electric Mobility Ltd surged by 12.50% after hitting a record low earlier in the day. The stock ended at Rs 52.80, climbing significantly despite initial dips. The market capitalization increased by Rs 2,597.98 crore amid the stock's rebound, following news of potential insolvency proceedings.

On Tuesday, Ola Electric Mobility Ltd's shares made a remarkable recovery. After experiencing a new record low in the morning, the stock surged by 12.50% to close at Rs 52.80 on the Bombay Stock Exchange (BSE), reversing earlier losses.

Mid-day, Ola's shares hit a lowest point of Rs 46.32 but later soared by 15.86%, reaching Rs 54.35 during trading hours. The National Stock Exchange (NSE) also saw an impressive increase, with the stock ending 12.44% higher at Rs 52.77.

This rebound boosted the company's market valuation by Rs 2,597.98 crore, elevating it to Rs 23,289.18 crore. The surge followed a steep decline on Monday, prompted by news of Rosmerta Digital Services Ltd seeking insolvency proceedings against Ola's subsidiary.

(With inputs from agencies.)