Shares of pure-play EV major Ola Electric Mobility dropped as much as 5% to Rs 30.48 on the BSE on Friday after global investment bank Goldman Sachs downgraded the stock to Sell from Neutral, cutting the target price to Rs 23 from Rs 39.28, implying downside of 28% from current levels.
Goldman Sachs has cut its revenue estimates for FY27-FY29 by up to 10%, citing expectations of prolonged operating losses at current market share levels. Key factors to monitor include the company's ability to achieve positive consolidated EBITDA and accelerate customer wins for its in-house cells.
