Ola Electric Mobility Ltd, the electric two-wheeler company led by Bhavish Aggarwal, saw its shares surge by 20% on Friday, hitting the upper circuit limit after a flat market debut earlier in the day.

The company’s stock initially opened at Rs 75.99 on the BSE, just a fraction below its issue price of Rs 76, marking a modest decline of 0.01%. However, in a remarkable turnaround, the stock quickly gained momentum and soared by 19.97%, reaching the upper circuit limit at Rs 91.18.

Similarly, on the NSE, Ola Electric’s shares were listed at the issue price of Rs 76. Shortly thereafter, the stock climbed to its upper circuit limit of Rs 91.20, reflecting a 20% gain.

The strong performance of Ola Electric’s shares comes as a positive surprise to investors, who had seen the stock debut on a relatively flat note. The sharp rise underscores the market’s confidence in the company’s growth potential in the electric vehicle sector, which is rapidly gaining traction in India.

Ola Electric Mobility, known for its popular electric scooters, has been at the forefront of the electric vehicle revolution in the country. The company’s strong market position and future growth prospects likely contributed to the stock’s impressive recovery and upward momentum on its listing day.

This strong market performance is seen as a positive signal for Ola Electric’s future prospects as it continues to expand its footprint in the electric mobility space.