Ola Electric Shares Fall 7% Following Goldman Sachs Downgrade

23 Oct 2026, 2:31 pm · 4h ago · 1 min read · Inc42

Shares of Ola Electric dropped 7.6% to an intraday low of around ₹29 on the BSE on October 23, following a downgrade to 'Sell' by Goldman Sachs. The brokerage slashed its target price to ₹23, citing heavy interest costs, significant capex needs, and reduced revenue projections across FY27-29. The drop coincided with the opening of Ola's ₹1,000 crore rights issue, wherein founder Bhavish Aggarwal pledged a 4.32% stake to participate. Ola plans to deploy ₹350 crore toward debt repayment and ₹400 crore for expansion.