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Ola Electric shares hit 20% upper circuit on affordable EV scooter launch and Citi's 'Buy' call

Economic Times · 8m

Ola Electric shares surged by 20% on the announcement of the launch of two new affordable electric scooters, priced at Rs 39,000, making them the cheapest in Ola's lineup. The scooters, called Ola S1 Z and Gig, are aimed at gig workers and urban commuters, respectively. Ola has already started accepting reservations, with deliveries expected to begin in April 2025. Citi also played a role in boosting Ola Electric's shares by initiating coverage with a 'Buy' rating and a target price of Rs 90.