India, April 13 -- After the recent rally, EV maker Ola Electric's shares fell 7.79% to an intraday low of Rs.37.71 on the BSE, tracking a sharp decline in the broader market following stalled negotiations between the US and Iran.

At 13:45 IST, the stock was trading 6.97% lower at Rs.38.05 on the BSE. The company's market capitalisation stood at 16,783 Cr (about $1.8 Bn).

Ola Electric has zoomed 61% so far in April. The stock surged nearly 20% on April 9 (Thursday) alone to hit upper circuit at Rs.36.34.

This came after the EV maker announced that its in-house developed 46100 Lithium Iron Phosphate (LFP) cell is ready, a key step in its push towards vertical integration and cost-efficient EV manufacturing.

The 46100 format LFP cell is...