Ola Electric shares rise 16% as company plans major store expansion in India

Ola Electric shares rose 16% over two sessions after the company announced plans to expand its store network from 800 to 4,000 by December 20, 2024. This ambitious goal involves opening 3,200 new stores in less than three weeks. The expansion aims to create India's largest electric vehicle distribution network, covering all pin codes. The new stores will also include service facilities to enhance customer support across the country. Despite the recent stock increase, Ola Electric shares remain down 38% from their peak earlier this year. The company recently launched a new range of scooters, priced between Rs 39,999 and Rs 64,999.