Ola Electric Mobility Ltd extended it rally on Monday morning after being listed on Friday as the company's shares soared 20 per cent.
At 20 per cent high, the stock hit the upper circuit, which is its highest permissible trading limit for the day, keeping its shares valued at Rs 109.41 apiece on the BSE and Rs 109.44 on the NSE.
With the issue price set at Rs 76, the stock has seen 44 per cent jump since its Friday debut. The scrip had hit the upper circuit limit of 20 per cent on the listing day as well.
The extended rally from the listing day has raised the electric two-wheeler firm's market cap to Rs 48,258.89 crore as it zoomed Rs 8,040.94 crore.
The Rs 6,145-crore IPO of Ola Electric Mobility, which holds 35 per cent of market shared in the EV two-wheeler segment, was subscribed 4.27 times.
The Bhavish Aggarwal-led company established in 2017 saw a meteoric rise in the EV industry, specialsing in manufacturing of not just EVs, but also components like battery packs, motors and vehicle frames.