Mumbai: Shares of Ola Electric Mobility slipped more than 8 percent by early afternoon, erasing gains from a sharp two-day rally, as fresh VAHAN registration data showed rival Ather Energy outpacing Ola in August. At 1:35 PM IST, the stock was trading sharply lower, reflecting profit booking and concerns about market share erosion.

According to VAHAN data, Ola Electric recorded 9,681 registrations in August so far, trailing behind Ather Energy’s 10,283—a gap that marks a significant shift in the competitive dynamic. For the year to date, Ola leads with 142,858 registrations, compared to Ather’s 108,424.

Earlier in the week, Ola’s stock had surged over 23 percent, driven by founder Bhavish Aggarwal’s upbeat projections at the annual Sankalp event. He reiterated the company’s goal of capturing a 25–30 percent share of the two-wheeler EV market, built on vertical integration and upcoming product launches. “Our target market share for two-wheeler EVs is about 25 to 30 percent with very high margins… Ola's 'mojo is still there,'” he said.

Aggarwal also highlighted that profitability in electric vehicles requires more than just scale. “No one is making money. To make money with EVs, you need vertical integration, technology development, the DNA of technology,” he emphasized.

The quarterly performance painted a mixed picture. In Q1 FY26, Ola reported a consolidated net loss of ₹428 crore, better than both the ₹870 crore loss in Q4 FY25 and the ₹347 crore loss in Q1 FY25. However, revenue dropped nearly 50 percent year-on-year to ₹828 crore.

Market watchers noted that despite the stock’s recent momentum, the registration data served as a reality check—casting uncertainty over Ola’s short-term trajectory and dampening enthusiasm. With Ather now leading in monthly registrations, investor focus may shift toward execution and how Ola counters increasing competition.