Ola Electric’s First Board Meeting After Listing: Q1 Results Announcement Set for August 14

Ola Electric Mobility, newly listed on the stock exchange, announced that it will hold its first board meeting on August 14, 2024. The company will review and approve its unaudited financial results for the quarter ending June 30, 2024, during this meeting.

Ola Electric was listed on August 9, with its shares initially priced at Rs 76, matching the issue price. However, the stock surged by 20% later in the day, reaching Rs 91.20 on the NSE.

The company had launched a much-anticipated IPO worth Rs 6,146 crore, which closed on August 6. Although the IPO was only subscribed 4.26 times, which was below market expectations, major investors like Nomura, HDFC Mutual Fund, and SBI Mutual Fund participated.

Analyst Prashanth Tapse from Mehta Equities cautioned investors to be aware of the company’s past and potential future negative cash flows, which could affect its financial health after listing. Despite the discounted share price, many investors remain cautious due to the company’s ongoing losses and tough competition in the electric vehicle market.

On its first day of trading, Ola Electric’s stock ended at Rs 91.18 on the BSE, locked at a 20% upper circuit.