Ola Electric Shares Plunge as Citi Slashes Target by 51% Amid EV Slowdown

• Ola Electric shares extended losses for a fourth straight session, opening 3% lower on Tuesday, February 17.
• Citi downgraded Ola Electric to 'Sell' from 'Buy' and cut its price target by 51% to ₹27 from ₹55.
• Brokerage cited slower-than-expected EV penetration in India's two-wheeler segment due to narrowed price gap with ICE vehicles.
• Concerns include market share losses from service challenges, intense competition, weak customer perception, and negative free cash flow.
• The stock is down 82% from its post-listing high and 60% from its IPO price, with market cap falling to ₹12,430 crore.