Ola Electric Shares Downgraded, Target Price Cut by 60% After Revenue Halves in Q3

• Ola Electric Mobility Ltd. shares dropped 6% after a negative Q3 earnings report and Emkay Global's downgrade.
• Emkay Global changed its recommendation from 'buy' to 'sell' and lowered the target price to ₹20 from ₹50 per share.
• Q3 revenue halved, decreasing 55% year-over-year and 32% sequentially, while losses remained high at ₹490 crore.
• Volumes declined 61% year-over-year and 38% sequentially, leading to a loss of market share despite industry growth.
• Ola is implementing measures to improve execution and cut costs, but Emkay Global sees a difficult, prolonged turnaround process.