Shares of Ola Electric Mobility Ltd declined sharply in Tuesday's trade, falling 7.79 per cent to hit a low of Rs 33.60. The stock was last seen trading 4.36 per cent lower at Rs 34.85. Despite the drop, it remains up 19.39 per cent over the past month, though it has slipped 26.75 per cent in the last six months.

The pure-play electric two-wheeler (E2W) firm has recently launched the S1 X+ 5.2 kWh, featuring 4680 Bharat Cells. Earlier, it had announced the readiness of its in-house developed Lithium Iron Phosphate (LFP) cell, which is currently awaiting regulatory approvals.

Meanwhile, stock exchanges BSE and NSE have placed Ola Electric under the short-term Additional Surveillance Measure (ASM) framework, aimed at cautioning investors amid heightened volatility in share prices.

Kranthi Bathini, Equity Strategist at WealthMills Securities, said the stock remains highly volatile and is suitable only for investors with a high risk appetite, advising existing shareholders to stay invested for now.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, "Ola Electric has seen a cool-off from its 200 DSMA (Rs 40-42) after the recent upmove, suggesting it to be a formidable barrier. On the lower end, the support has witnessed an upshift towards Rs 30-odd zone in the near period."

According to AR Ramachandran, a Sebi-registered research analyst at Tips2trades, "The stock is looking bearish on daily charts with strong resistance at Rs 37.8. A daily close below the support of Rs 33.5 could trigger a drop towards Rs 28.4 in the near term."

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, stated that support is seen at Rs 33.55, while resistance is placed at Rs 37.81. A decisive move above Rs 37.81 could push the stock towards Rs 39, with the expected short-term trading range between Rs 33.55 and Rs 39. From a near-term perspective, he advised investors to consider exiting the stock.