Ola Electric shares fall up to 9%, snap 4-day run, ahead of board meeting to consider fundraise

The latest market report highlights that Ola Electric Mobility shares declined over 9 percent in Friday's market session, snapping a four-day gaining streak, ahead of the firm's board meeting to consider a fundraise.

Shares of Ola Electric Mobility declined more than 9 percent to Rs 38.60 per share on the NSE.

The slide came after the firm's shares rose more than 16 percent in the previous four trading sessions.

The decline additionally came after Ola Electric announced earlier the current week that its board will meet on September 28 to consider a proposal to mobilize funds through a rights offering of equity shares, subject to requisite regulatory and statutory approvals.

The electric two-wheeler maker informed the bourses that the board will consider the proposed fundraise under Regulation 29(1)(d) of the Securities and Exchange Board of India (SEBI) Stock-exchange debut Regulations.

The proposed rights offering comes months after Ola Electric boosted Rs 780 crore through a qualified institutional placement (QIP) in June. The offering was oversubscribed by 56 percent.