Ola Electric Mobility shares near IPO price after another 10% surge on Wednesday

Shares of Ola Electric Mobility gained another 10% on Wednesday, September 3, and have now gained in five out of the last six trading sessions.In the six sessions starting August 22, Ola Electric shares have risen 42%. The stock has also been gaining on very strong volumes.

As many as 75 crore shares have changed hands on Wednesday, as of 2:15 PM IST. This is higher than the 20-day average trade volume of 30 crore shares.

For the last six trading sessions, Ola Electric has seen volumes in excess of 50 crore shares change hands in a single session.With this, the stock also trades above all of its key moving averages, be it the 50-day, 100-day and 200-day Moving Average. On the charts, the stock has also entered “overbought” territory, with its Relative Strength Index (RSI) now at 79. An RSI reading above 70 indicates that the stock is in “overbought” territory.

CNBC-TV18 on September 1, had reported that Ola Electric’s three-day turnover had hit over ₹15,000 crore, which was more than half of its then market capitalisation. Ola Electric’s market capitalisation is now nearing ₹30,000 crore.

Shares of Ola Electric Mobility are now trading 8.5% higher at ₹67.24. The stock is now closing in on its IPO price of ₹76 per share. The stock had risen 35% in August, which marked its best month since listing in August 2024.

Also Read: Ola Electric shares are up 40% in a month — What is driving this surge