New Delhi, Sep 30 (IANS): Bhavish Aggarwal-run Ola Electric sold 22,950 electric two-wheelers in the month of September – about 17 per cent drop from last month when it got 27,586 e-scooters registered.

On Monday, the EV firm’s share skidded below Rs 100 for the first time, leaving retail investors jittery amid the company’s inflated valuation.

As per the government’s VAHAN data, Ola Electric sold 22,950 e-scooters in September (till about 5 p.m. on September 30) and its vehicle registration graph has consistently declined since the month of March when it sold 53,638 electric two-wheelers.

Ola Electric’s market share nosedived to 31 per cent in August. Meanwhile, the company’s shares closed at Rs 99.62 apiece on Monday, after touching its lowest of Rs 97.84 per share during the trading session.

The stock has lost 20 per cent in eight trading sessions and 38 per cent from its recent high of Rs 157.40.

The share of the electric two-wheeler maker has declined for the ninth out of the last 11 sessions.

The problems with Ola Electric e-scooters remain never-ending. As per recent reports, Ola Electric’s flagship S1 series EV scooter has become a nightmare for hundreds of customers who are consistently facing issues like malfunctioning hardware and glitching software and spare parts are hard to come by, resulting in inordinate delays.

Market analysts say that the share is showing extreme volatility due to challenges the company faces as well as rising competition and service-related issues.

According to trade watchers, the stock has witnessed substantial profit-taking, particularly after the lock-in expiry of anchor investors. Ola Electric’s market share is set to decrease further. Brokerage firm Ambit Capital initiated coverage of the stock with a ‘sell’ rating and a target price of Rs 100 which has now been breached.