Ola Electric share price soars over 16%: What is driving the rally despite weakness on Dalal Street?

Ola Electric Mobility share price extended its rally for a second straight session on Thursday, April 9, rising more than 16% in intraday trade to ₹35.27. The stock had already gained 5% on Wednesday, closing above the ₹30 mark for the first time in nearly two months. Over the last two trading sessions, the scrip has climbed over 20%.

Today's rise comes on the back of a broader market sell-off. Benchmarks Sensex and Nifty fell over 1% each in trade today amid fading hopes of a ceasefire between US and Iran.

The latest upmove came after the company announced on April 7 that its in-house Lithium Iron Phosphate (LFP) cell is now ready, marking a key development in its efforts to build a broader electric mobility and energy ecosystem.

“Developed as part of Ola’s vertically integrated battery innovation efforts, the new 46100 format LFP cell is bigger than the current NMC 4680 Bharat Cell and represents a stepchange in scale, cost efficiency, and applicability across both mobility and energy storage solutions, and will begin entering Ola’s products starting next quarter,” it said in a press release.

Battery Update

The announcement comes as Ola Electric continues to expand its battery manufacturing footprint and scale up its Gigafactory. The company said thousands of vehicles powered by its 4680 Bharat Cells are already on Indian roads, having clocked many millions of kilometres in real-world conditions. It added that the Gigafactory currently has a capacity of 2.5 GWh, which is being ramped up to 6 GWh.

Commenting on the development, an Ola Electric spokesperson said:

“The readiness of our LFP 46100 cell is a pivotal moment in our journey to build India's most advanced EV and energy ecosystem. Along with the strong progress at our Gigafactory and proven performance of our 4680 cells on the road, this milestone reflects our deep commitment to innovation, scale, and self-reliance.”

The spokesperson further added that the LFP technology will play a critical role in driving affordability, enabling energy storage solutions, and accelerating the transition to electric mobility as we move closer to realising the vision of End ICE Age.

According to the company, the introduction of LFP chemistry is expected to help lower vehicle costs and support wider EV adoption. It also noted that the new cell format will support battery storage solutions and represent the next phase of expansion at its Gigafactory.

The company also said it remains focused on reducing barriers to EV adoption through a mix of innovation-led and customer-focused initiatives. These include affordability programmes, service guarantees, buyback assurances, and the direct pass-through of government incentives such as PLI benefits to customers. According to the company, these measures form a key part of its broader strategy to accelerate mass EV adoption in India.

Ola Electric added that with continued progress in cell technology, manufacturing, and customer experience, it is working to build not just electric vehicles, but the broader energy ecosystem needed to advance its #EndICEAge vision.

Ola Electric Stock Performance

Despite the recent rebound, Ola Electric shares remain sharply below their 52-week high. The stock is still down over 50% from its one-year high of ₹71.24, touched in September 2025. On the downside, it had fallen to a 52-week low of ₹21.21 in March 2026.

On a one-year basis, the stock is down 34%. It has also declined 16% in the last three months, although it has recovered 42% over the last one month.

Other Recent Updates

The stock’s recent recovery has also been supported by improving operating performance. According to VAHAN data, registrations surged 150% year-on-year to 10,117 units in March, compared to 3,973 units in February, signalling a sharp pickup in demand. The company also reported a V-shaped recovery in market share, with gains continuing through March, as per its April 1 regulatory filing.

Operationally, Ola Electric highlighted progress in addressing earlier service issues, noting that over 80% of vehicles are now serviced on the same day, driven by improved parts availability, faster diagnostics and tighter execution.

Investor sentiment was further supported by a ₹60,000 price cut for its flagship Roadster X+ 9.1 kWh, reflecting economies of scale at its Gigafactory and stronger vertical integration. The company is also accelerating Gigafactory expansion, with capacity expected to reach 6 GWh, as it focuses on strengthening its domestic battery ecosystem and reducing costs, according to its April 2 filing.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.