Ola Electric Share Price: Stock tumbles 7% despite good news for electric vehicles post Delhi draft EV Policy

TL;DR

The Ola Electric Share price fell after a massive ~70% rally from a 52 weeks low of 21.21, making profit booking the primary driver of the decline. Delhi Draft EV policy is a structural positive for Ola Electric. BSE and NSE placed the stock under ST ASM Stage 1 surveillance due to unusual price volatility. The stock is still a high-risk, high-reward bet.

Introduction

The Ola Share Price witnessed a sharp 7% decline on Monday, April 13, 2026. Despite the Delhi government’s draft EV policy rolled out of a series of generous incentives for electric vehicle buyers across segments, it raised eyebrows amongst the market watchers who expected the positive policy news to lift EV stocks.

According to a report by India TV News, shares of Ola Electric Mobility opened gap-down at ₹39.51 on the BSE, compared with the previous close of ₹40.90. The stock saw heavy selling pressure through the trading session, with the decline attributed primarily to profit booking after a breathtaking rally that had taken the stock up by over 50-70% within just the first few weeks of April 2026. (Source: India TV)

Ola Electric Stock-One on Wild Ride

The stock for Ola had touched a fresh 52 week low of ₹21.21 before the April rebound began, after having lost nearly 85% of its value from peak levels after falling for six consecutive months from October 2025 onwards. 

Historical NSE data shows the stock was trading at ₹25.89 on April 1 and had risen to around ₹39.14 by April 9, delivering a staggering 62.10% monthly return and significantly outperforming the NIFTY 500 index that span.

This near vertical climb naturally invited profit booking. But adding to the caution, both BSE and NSE placed Ola Electric under the Short Term Additional Surveillance Measure (ST ASM) stage 1 framework, a standard regulatory action triggered when unusual price volatility for high trading volumes is detected in a counter. This move signals to investors that the stock needs to be approached with additional care.

What is the Delhi Draft EV Policy Offer?

Delhi government released Delhi Draft EV Policy 2026 and opened it for public comment for 30 days. The policy is wide ranging and here is the draft policy lays out across segments. Following is the subsidy that will be disbursed:

1. Electric two-wheelers: Up to ₹30,000 in the first year, applicable for the vehicles with ex-factory price not exceeding ₹2.25 lakhs. It will step down to ₹20,000 in year two and ₹10,000 in year three.

2. Private electric cars: Up to ₹1 lakh incentive for models priced below ₹15 lakh, limited to the first 1 lakh applicant.

3. Electric auto-rickshaw:Fixed incentives of ₹50,000 in year one, ₹40,000 in year two and ₹30,000 in third year, including replacement of older CNG autos with Delhi permits.

4. Electric four wheel goods vehicle: Up to ₹1lakh in first year, ₹75,000 in second year, and ₹50,000 for the third year.

5. All incentives are proposed to be disbursed via Direct Benefit Transfer (DBT) to Delhi residents whose vehicles are registered in the national capital.

The policy also earmarks ₹200 crore for pushing EVs into Delhi’s public fleet and hints at a potential ban on registration of new petrol two-wheelers starting as early as August 2026. (Source: Inc 42)

Why Did Ola Share Price Fall?

Ola Electric, as India’s largest electric two-wheeler manufacturer, would logically benefit from a policy that subsidies EV purchases and plans to ban petrol two-wheelers in a major metro. Yet the Ola electric share price fell 7% on the same day. 

The answer lies in the market mechanics. What happened?

After Ola’s electric’s 70% rally in April, the stock was technically overbought by any short-term measure. Investors who had bought in at ₹21-25 levels were sitting at huge gains and chose to book profits at higher levels regardless of news flow. This behaviour comes at mistake: “buy the rumour, sell the news” dynamic was at play here.

Apart from the information here, Ola Electric’s fundamentals remain a concern for long-term investors. In Q3 FY 26, the company posted a revenue of just ₹470 crore, a 55% YoY decline from ₹1,045 crore recorded in Q3 FY 25. 

What Should Investors Watch?

After the Delhi Draft EV policy, the investors must watch whether Ola Electric can convert the policy tailwinds into actual volume before assuming that the current trend is sustained.

The Delhi draft EV policy may well be the spark that lights the next leg of recovery- but for now, profit booking has had the last word.

Quarterly Financial Metrics-Ola Electric

Source: moneycontrol

We can now also have a look at stock performance in April 2026

Stock Performance- 2026

Source:screener

Conclusion

The sharp 7% decline on Ola Electric Share Price on April 13,2026 despite the Delhi Draft EV Policy is a fact to understand. The bigger picture for Ola Electric is not bleak. We can see that Gross Margins have improved from 18.6% to 34.3% YoY and it could directly derive demand.

The real test of the stock will be when the policy draft translates into actual volume recovery on the ground. With the stock sitting below its 200-day moving average of ₹40.47 and trading volume at 237 million shares, investing in Ola Electric can be considered by people with a strong risk appetite.

FAQs

Why did Ola Electric Share Price Fall 7% even after the positive Delhi EV policy news?

When a stock rises so sharply in a short term, the traders tend to lock in gains regardless of positive news flow. The fall in the share price was driven by profit booking and is not a negative sentiment towards the company.

What is the current Ola Electric Share Price?

As of April 13, 2026 Ola Electric Share Price is trading at ₹37.95 on the NSE.

Will the Delhi Draft EV Policy benefit Ola Electric in the long run?

Yes, the policy looks to provide benefits for Ola Electric. The policy plans to offer subsidies for vehicles in different price ranges. Combined with 100% road tax exemption and potential ban on new petrol two-wheeler registration from 2028, the policy can push the adoption of EV vehicles in Delhi.