Shares of Ola Electric continued their impressive bull run for the third consecutive trading session on Monday, January 5, 2026, surging by 8.3% to hit an intraday high of ₹44.3 per share. This marks the stock's highest level in eight weeks, fueled by renewed investor confidence following the company's announcement of significant market share gains in the electric two-wheeler segment for December 2025.
Technical Outlook Points to Further Upside
The recent rally has been powerful, pushing Ola Electric's share price to recover 44% from its lows of December 18 and delivering a 20% jump in the first three trading sessions of 2026. Technical experts believe this momentum could propel the stock toward the ₹50 mark, a level last seen in early November.
Anshul Jain, Head of Research at Lakshmishree, provided a detailed technical perspective. He noted that on the monthly chart, Ola Electric has swept its prior all-time low of ₹39.6, formed in July 2025, with a clear expansion in volume. "This move signals capitulation, where exhausted bulls have been forced out, often a precursor to a technical rebound," Jain explained. He described the sharp recovery as a classic trap for fresh short-sellers and an indication of early long participation on lower timeframes.
While the broader structure remains weak on higher timeframes, Jain highlighted that mean reversion is now in play. He expects the bounce to extend toward the declining 10-month moving average near ₹49.5, as long as the stock sustains above the crucial ₹39.6 level. However, he cautioned that this is currently a counter-trend move rather than a full reversal. "Any failure back below 39.6 would invalidate the bounce thesis and reopen downside risk," he added.
December Market Share Gains Fuel Optimism
The primary catalyst for the stock's upswing is a concrete improvement in business fundamentals. In a regulatory filing on Thursday, the Bengaluru-based electric vehicle maker reported that its market share in the electric two-wheeler segment increased to 9.3% month-on-month in December, with registrations of 9,020 units according to VAHAN data. This is a notable rise from a 7.2% share held in November 2025.
Furthermore, the company's performance strengthened as the month progressed. Data for the second half of December 2025 showed its market share climbing to nearly 12%, indicating a clear uptick in demand and customer acquisition.
Driven by these gains, Ola Electric stated it has reclaimed its position among the top three EV players in nearly a dozen states. Key markets include Tamil Nadu, Uttar Pradesh, Bihar, Jharkhand, Punjab, and Haryana. To support this growth and address customer concerns, the company has deployed a 250-member rapid response team of technicians in regions with high service backlogs to improve resolution times.
Product Pipeline and Government Approvals
Alongside its service recovery initiative, Ola Electric has been advancing its product lineup. The company commenced deliveries of its 4680 Bharat Cell-powered S1 Pro+ 5.2 kWh scooters in November 2025. In a further boost, it received government certification for its 4680 Bharat Cell-powered Roadster X+ Motorcycle in December 2025.
A Long Road to Full Recovery
Despite the recent strong performance, Ola Electric shares remind investors of their volatile journey. The stock is still trading at a steep discount of 48% from its one-year peak of ₹83 per share. The year 2025 ended with a sharp 58% decline for Ola Electric, marking the biggest fall among new-age technology stocks.
The broader perspective reveals a more significant drawdown. From its post-listing high of ₹157.40, the stock remains down by a staggering 73%. It also continues to trade 43% below its issue price of ₹76 per share, underscoring the challenges it has faced since its market debut and the distance it still needs to cover for a complete turnaround.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
