Ola Electric shares on the second trading day are locked in 20 per cent upper circuit. On its debut day also the stock closed locked in 20 per cent upper circuit at Rs 91.8 per share.

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After a weak debut in Friday's session, the stock continued to trade higher and ended locked in 20 per cent upper circuit.

After an at-par debut, Shivani Nyati, Head of Wealth, Swastika Investmart said this flat performance, coupled with a mere 4.45 times subscription, underscores the challenges the company faces in gaining investor confidence. While Ola Electric's vision for the EV market is ambitious, the company's current financial performance, marked by consistent losses, and the highly competitive landscape have tempered investor enthusiasm. The negative grey market sentiment prior to listing further reflected these concerns, she added.

Amid weak debut, she advised investors to book partial profits and remain put in case they want to take risk by keeping a stop loss below 70.

Atul Parakh, CEO of Bigul attributes the remarkable gains in the scrip to several factors including its market leadership in electric two-wheelers (E2Ws) in India, which positions it favorably in a rapidly growing market, Strategic Initiatives like investments in research and development, as well as plans for a Gigafactory to enhance production capabilities and positive overall market outlook supported by favorable regulatory conditions and increasing consumer demand for sustainable transportation options.

KR Cholsey recommended a 'subscribe' call on the issue and said that at the upper end of the price band, the company’s EV/revenue is 6.6x which is slightly higher than the median of peers. The brokerage added that We believe the Company will gain market share as it commands a leadership position in the E2W segment. The Company prioritizes R&D and plans to continue launching next-generation EVs. The Company’s strategic initiatives include the development of the Ola Gigafactory and a focus on backward integration to enhance supply chain control and cost efficiency. Overall, the growth plans and cost efficiency initiatives justify the valuation. We recommend a ‘SUBSCRIBE’ rating on the IPO of Ola Electric Mobility