Shares of Bhavish Aggarwal-led Ola Electric Mobility are likely to remain in focus today after U.S. asset manager Vanguard sharply reduced the valuation of ride-hailing company Ola Consumer to around $70 million, marking a decline of nearly 99% from its peak valuation in 2021.

The markdown comes at a time when Ola Consumer, formerly known as Ola Cabs and operating as the consumer internet arm of ANI Technologies, is gearing up for a proposed initial public offering (IPO).

As per its latest filing with the U.S. Securities and Exchange Commission (SEC), the implied valuation is based on a carrying value of about $728,000 assigned by Vanguard to its stake in the company. The fund had invested approximately $51.7 million in Ola back in 2015, when the company was valued at roughly $5 billion.

The latest revision indicates that Ola’s valuation has eroded nearly 99% compared to its peak level. In 2024, Vanguard slashed its valuation to $1.88 billion and further reduced it to $1.25 billion in May 2025. Earlier, in May 2023, the asset manager had already cut Ola’s valuation by around 35% to $4.8 billion.

In December 2021, Ola raised around $139 million from investors including IIFL, Edelweiss, and Sunil Munjal-led Hero Enterprise, when the company was valued at approximately $7.3 billion.

On Wednesday, shares of Ola Electric Mobility ended 9.9% higher at ₹43.84 on the BSE, with a market capitalisation of ₹19,337 crore. The stock has gained nearly 17% so far in calendar year 2026 and over 20% in the past one month, while it has corrected more than 12% in a year.

Ola Electric shares double in three months from March lows

Ola Electric shares hit a 52-week high of ₹71.24 on September 4, 2025, while the 52-week low stood at ₹21.21 on March 2, 2026. The stock has more than doubled from its low level within three months.

For the March quarter of FY26, the company reported a consolidated net loss of ₹500 crore, narrowing 42.5% from a loss of ₹870 crore in the same period last year, aided by aggressive cost optimisation and lower operating expenses. However, revenue from operations fell 56.6% year-on-year to ₹265 crore from ₹611 crore a year earlier.

For FY26, the Bengaluru-based EV maker posted revenue from operations of ₹2,253 crore, down 50.1% from ₹4,514 crore in FY25. Net loss for the year narrowed 19.5% to ₹1,833 crore from ₹2,276 crore, while total expenses declined sharply to ₹3,245 crore from ₹6,253 crore.

The EV company said it continues to assess its liquidity position and is exploring additional fundraising through a proposed qualified institutional placement (QIP).

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