In a stunning shift for the Indian electric vehicle (EV) industry, Ola Electric’s market share has plummeted to a new low of 5.87% as of January 27, 2026.
This marks a dramatic fall for the company that once commanded over 35% of the market. According to recent VAHAN registration data, Ola managed only 5,488 registrations this month, a sharp contrast to its dominance in late 2024.
1. The Great Slump: Market Share Trajectory
The decline has been steady but accelerated rapidly over the last year.
| Timeline | Ola Electric Market Share | Status |
| January 2024 | 35.47% | Market Leader |
| January 2025 | 24.80% | Leading but under pressure |
| November 2025 | 7.16% | Slipped below top 3 |
| January 2026 | 5.87% | Record Low |
2. Why the “Ola Bubble” Burst
Several factors have converged to erode the company’s once-untouchable lead:
- Service & Quality Crisis: Persistent customer complaints regarding battery defects, software glitches, and a weak after-sales support network have severely damaged brand credibility.
- Legacy Power Play: Traditional giants TVS Motor (iQube) and Bajaj Auto (Chetak) have leveraged their massive service networks and brand trust to overtake Ola.
- Corporate Turmoil: The resignation of CFO Harish Abichandani on January 19, 2026, triggered a fresh wave of investor panic, with shares hitting an all-time low of ₹30.76.
- Financial Revisions: In early January, Ola slashed its full-year revenue guidance from ₹4,700 crore to just ₹3,000–₹3,200 crore, signaling deeper operational struggles.
3. The New Leaders (January 2026)
The “pure-play” EV startup era is being challenged by established manufacturers who now control nearly half the market.
| Manufacturer | Market Share (Jan 2026) | Key Driver |
| TVS Motor | ~24% | Success of iQube and new “Orbiter” model. |
| Bajaj Auto | ~22% | Resilient Chetak sales and city-wide expansion. |
| Ather Energy | 18.16% | High growth from the family-centric “Rizta” series. |
| Ola Electric | 5.87% | Dropped to 5th position in registrations. |
4. A Silver Lining: The Gigafactory
Despite the market share slump, Ola remains a key player in India’s battery future. It is currently the only company to have partially commissioned its awarded 20 GWh capacity under the government’s ACC PLI scheme, having achieved 1.4 GWh of production as of late 2025. This “vertical integration” is the company’s main hope for a long-term turnaround.
Conclusion: A 77% Value Erosion
For investors, the story of January 2026 is one of massive value erosion. From its post-listing high of ₹157, Ola Electric’s stock has crashed nearly 77%. While the company is attempting a recovery via its “Hyperservice” initiative and new cell technology (4680 Bharat cells), the VAHAN data suggests that Indian consumers are currently prioritizing the reliability of legacy brands over the “vibe” of the startup pioneer.
