Ola Electric Shares Soar 2% on ₹367 Cr PLI Incentive Boost

• Ola Electric shares rose over 2% on December 26, closing at ₹36.19, following news of a major government incentive.
• The company will receive ₹366.78 crore under the PLI-Auto Scheme for FY 2024-25, disbursed through IFCI Limited.
• Ola Electric stated the incentive strengthens its manufacturing capabilities and commitment to advanced EV technology in India.
• Despite the recent surge, the share is down 52% from its August 2024 IPO price of ₹76 and over 60% in the last year.
• Ola Electric Technologies Private Limited approved a ₹100 crore Optionally Convertible Redeemable Preference Shares allotment to Ola Cell Technologies Private Limited.

Why It Matters: Ola Electric's share gained due to a ₹367 crore PLI incentive, despite a significant long-term decline.