The Ola EV stock has seen a meteoric rise since its listing after the IPO. The stock was listed at an issue price of Rs 76 but has surged about 107% from the issue price in just seven trading sessions. This has pushed the market valuation to over 66,000 crore which is higher than Tesla's. In fact, on Aug 20th, the stock jumped another 8% to hit a new peak of Rs 157.53 on BSE intraday.

We can categorise Ola Electric’s 2024 major events into broader buckets – the public market debut, electric motorcycle launch, product portfolio expansion, and escalated customer concerns. Ola Electric’s listing was one of the most-awaited events of 2024. Given it became the first Indian new-age EV startup to go public, it was hailed as a landmark moment While Ola’s meteoric rise captured the attention of stock market investors and analysts alike, its journey this year has also been riddled with missteps – customer complaints, fire incidents, and how CEO Bhavish Aggarwal handled these negative incidents

Ola Electric share price strategy:

The meteoric rise of Ola Electric share price has left analysts and investors bewildered. Yet, they suggest investors hold on to the stock as it remains a pure "momentum" play.

Since its listing on August 9, the stock has surged 92 per cent (till August 19) over its issue price of Rs 76, taking its market capitalisation to a little over Rs 63,000 crore. The issue was subscribed 4.45 times.

"It is surprising that despite the pessimism during the IPO and a tepid listing, the stock has managed to move sharply and has gathered good momentum. The fundamentals haven't changed in the last fortnight, so the logic for such a sharp run up is hard to find. As a strategy, however, traders or investors can chase the momentum but with strict stop-losses," Ambareesh Baliga, an independent market analyst.