India, Dec. 4 -- Shares of EV major Ola Electric extended their downward trend and were locked in at the 5% lower circuit at INR 36.12 on the BSE today.

The stock was trading in the red for the fifth consecutive session, hitting a fresh all-time low on the BSE. The company's market capitalisation stood at INR 15,931.92 Cr (about $1.7 Bn) and more than 8.63 Cr shares changed hands by 14:05 IST.

The decline today came even as benchmark indices Nifty 50 and Sensex traded higher. On a year-to-date (YTD) basis, Ola Electric's shares are down nearly 58%.

The stock has been under pressure due to the company's eroding market share in the electric two-wheeler (E2W) segment, after-sales service concerns, and continuing losses.

Ola Electric's re...