Ola Electric to Scale Back Physical Stores to 550 by March-End; Shares Drop 2% Amid Report
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Ola Electric to Slash Physical Stores to 550 by March End; Stock Hits Record Low
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CNBC TV18•20-02-2026, 14:24
Ola Electric to Slash Physical Stores to 550 by March End; Stock Hits Record Low
•Ola Electric plans to reduce its physical stores to 550 by the end of March, down from 800 as of December 2, 2024.
•This reduction follows a rapid expansion to 4,000 stores across India just over a year ago.
•Brokerage firm Citi cut Ola Electric's rating to 'sell' and slashed its target price by 51% to 27, citing slow EV penetration and market share losses.
•Citi highlighted service-related challenges, intense competition, and weak customer perception as reasons for market share losses.
•The Bombay High Court at Goa stayed an arrest warrant against CEO Bhavish Aggarwal, issued for failing to appear before a consumer commission regarding a scooter complaint.
