Shares of Ola Electric Mobility Ltd hit their 10 per cent upper circuit limit in Wednesday's trade amid heavy turnover. The stock was locked at Rs 43.81 apiece on BSE, taking its one-month rise to 20 per cent. Turnover surged, with Ola Electric witnessing 26,69,28,959 shares worth Rs 1,118.16 crore changing hands on NSE, which was third highest in terms on volumes on the exchange. 

The company's fund raising committee recently approved and adopting of the preliminary qualified institutional placement (QIP) document to be sent to eligible qualified institutional buyers (QIBs) inviting bids, setting floor price at Rs 37.74 per share. 

Data showed the E-2W segment delivered a strong 62.7 per cent YoY growth in May 2026, although OEM-wise performance remained divergent. For the month, Ola Electric saw volumes falling 20.2 per cent YoY, amid intensifying competition from established players. 

Market share fell, Choice Broking said. "On a YoY basis, its volume share plummeted to 8.9 per cent in May, from 18.1 per cent a year ago, however market share has increased on a sequential basis aided by high discounts on some of the model," the brokerage said.

While Ola Electric was previously the dominant player, its market position has weakened due to product quality and service-related challenges, Nirmal Bang said in a note on Ather Energy on June 1. "Consequently, incumbent OEMs such as TVS Motor and Bajaj Auto have emerged as the leading players in the E2W market," it noted.

In a note last month on Ola's Q4 results, Emkay Global noted that Ola was adopting several measures to improve execution, cut costsand improve brand perception.

"We believe this could be a difficult, long-drawn-out process, especially due to greater focus by incumbents + scale-up at Ather. Additionally, new capacities coming onstream for incumbents/Ather in H2FY26 would reintroduce competition in the industry structure. Given the current dynamics, Ola’s recovery in volume and market share remains monitorable," it had said.

Emkay said the E2W theme was strong and the industry was seeing healthy growth, with uptick in penetration following a dip due to recent GST cuts. "While Ola has seen some sequential volume improvement and market share, it  attribute the volume growth to the currently better placed production capacity, share gains in the more price-sensitive northern markets, and E-2W incumbents/Ather operating at peak utilization amid strong E-2W demand," Emkay said last month.