Ola Electric shares hit all-time low, down 60% in 2025, after S&P Global downgrade

• Ola Electric shares hit an all-time low, down over 60% in 2025, trading near ₹34.
• S&P Global downgraded promoter ANI Technologies' credit rating to 'CCC-' from 'CCC+', citing continuous cash burn and weak liquidity.
• The 'CCC-' rating indicates a very high probability of default for ANI Technologies.
• S&P forecasts ANI Technologies' cash to drop below ₹200 crore by Q4 FY2026 and anticipates a covenant breach by March 2026.
• Ola Electric's market share in electric two-wheelers fell from ~25% to 6.7% by Nov 2025, placing it fourth.

Why It Matters: S&P Global's downgrade of Ola's parent signals severe financial distress and default risk.