Shares of Ola Electric Mobility Ltd. gained as much as 7.6% on Tuesday morning to hit a high of ₹157.5 per share. The initial surge meant that the stock had doubled from its IPO price of ₹76 per share.

However, the stock turned from the highs and slipped into negative territory. Shares have corrected nearly 12% from the highs of the day as of 11:30 AM, currently trading at levels below ₹140.

In its brief trading history so far, shares of Ola Electric have ended a trading session with losses only once.

As many as 3.1 crore shares of the company changed hands in a block deal that took place on Tuesday. The number of shares that changed hands, amount to 0.7% of the total equity.

The total transaction is valued at ₹468.3 crore and the shares changed hands at an average price of ₹146 per share.

In an interaction with CNBC-TV18 on August 16, Vinit Sambre of DSP Mutual Fund said that Ola Electric’s stock is pricing in the excitement around the growth in Electric Vehicles. However, he added that the company is yet to see profits, which will be the driving factor for valuations.

Ola Electric’s net loss widened to ₹347 crore from ₹267 crore during the same period last year.

The net loss widened due to an increase in finance costs, which nearly doubled to ₹67 crore from ₹36 crore last year and an increase in overall total expenses, which jumped to ₹1,849 crore from ₹1,461 crore last year.

Ola Electric’s revenue increased by 32.3% year-on-year to ₹1,644 crore from ₹1,243 crore during the year-ago quarter.

Ola Electric has entered the electric motorcycle market with the debut of its Roadster Series, unveiled on Thursday, August 15, during its annual ‘Sankalp 2024’ event at the company’s FutureFactory in Tamil Nadu. The first model in the series, the Roadster Pro, will be priced between ₹1.99 lakh and ₹2.49 lakh.

Shares of Ola Electric are now trading 5.3% lower at ₹138.3.