Ola Electric shares drop up to 7.6% after Goldman Sachs downgrade
The electric vehicle maker dipped on the BSE following a rating cut, amid an ongoing rights issue aimed at debt repayment and expansion.
Equity in Ola Electric declined by as much as 7.6% on the BSE to approximately ₹29 on Oct. 23 after Goldman Sachs reduced its target price to ₹23 and downgraded the stock to "Sell" [1]. The slide followed the rollout of a ₹1,000 Cr rights offering by the mobility company [1].
External institutional participation includes Motilal Oswal alongside Calliope Capital Advisors, which together requested 2.39 Cr shares [1]. To fund his own subscription in the rights issue, founder Bhavish Aggarwal pledged an equity position of 4.32% [1]. Ola Electric has earmarked ₹350 Cr from the raise to pay down outstanding debt and ₹400 Cr to finance organic expansion [1].
The business carried a valuation of ₹14,931.06 Cr as trading moved [1]. In financial disclosures for Q1 FY27, net losses reduced to ₹336 Cr relative to ₹428 Cr recorded during the prior-year period, while operational turnover dropped 45% to ₹455 Cr compared to ₹828 Cr reported in Q1 FY26 [1].
Questions and answers
What change did Goldman Sachs make regarding Ola Electric?
Goldman Sachs cut its price target to ₹23 and reduced its recommendation to "Sell" [1].
How does Ola Electric plan to deploy the rights issue funds?
The company designated ₹350 Cr for retiring debt and ₹400 Cr to support organic growth [1].
Companies & investors in this story
Sources
- 1.Ola Electric Slides Over 7% After Bearish Call From Goldman Sachs — Inc42, Oct 23, 2026
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