New Delhi, Feb. 16 -- Ola Electric Mobility share price dropped more than 7% following its Q3 results on Monday, February 16. The company reported disappointing earnings for the third quarter, prompting brokerage firm Emkay Global to downgrade its rating and reduce its target price by 60%.

The analyst has revised the stock's rating to 'sell' from its earlier 'buy' recommendation and lowered the price target to Rs.20 per share from Rs.50. Ola Electric Mobility reported revenue of Rs.504 crore for the December quarter, which is a decline of 57% year-over-year from Rs.1,172 crore and a 33% decrease from Rs.756 crore in the September quarter.

The firm announced a loss of Rs.487 crore, which is less than the Rs.564 crore loss from the previo...