India, Oct. 23 -- Shares of electric two-wheeler maker Ola Electric crashed as much as 7.6% to hit an intraday low about Rs.29 on the BSE today (October 23) after a bearish outlook from Goldman Sachs.

A day after the company opened its Rs.1,000 Cr rights issue, Goldman Sachs downgraded its outlook on Ola Electric to "Sell". The brokerage slashed the stock's price target to Rs.23.

It foresees a challenging path for Ola Electric to become cash flow positive given the relatively high interest cost and capex needs of the cell and E2W business.

It also cut the EV maker's top line growth projections by up to 10% for the period FY27-29.

The bearish momentum comes a day after Ola Electric opened its rights issue for bidding. Within hours of o...