Ola Electric Mobility shares fall sharply in Mumbai trading after Goldman Sachs downgrades the stock to “Sell” and cuts its 12-month target price to Rs 23. Multiple outlets report the shares drop more than 6% during the session, reaching intraday lows around Rs 29–30.

The brokerage’s rationale, as described by the outlets, centers on concerns about Ola Electric’s ability to generate sustainable free cash flow amid high interest expenses and heavy capital expenditure plans, including for battery cell manufacturing and electric two-wheeler operations. Goldman Sachs also flags uncertainty over maintaining market share and projects weaker revenue for coming years.

Outlets broadly align on the downgrade and target price cut, while differing in what context they add. Some reports focus more on market-share and free-cash-flow uncertainty, while others include additional detail about revenue declines, operational challenges in the battery business, and the size of the implied downside based on the new target.