Citi has reiterated its Sell rating on Ola Electric while sharply cutting its target price, citing weaker revenue prospects and sustained market share pressures. The brokerage lowered its target price to Rs 22 from Rs 27, reflecting reduced revenue assumptions and continued challenges in volume growth. Despite valuing the company at an unchanged 3.5x FY27E EV/sales, Citi remains cautious, highlighting delayed profitability, slowing EV adoption, and weak cash generation as key headwinds over the medium term.
