Ola Electric’s sales plunged 47% month-on-month in February 2026 to 3,968 units, causing its market share to drop to 3.55% and pushing it out of India’s top five electric two-wheeler makers.
TVS Motor retained the top spot with 28.3% market share and 31,600 units sold. Bajaj Auto and Ather Energy held the second and third positions with 25,323 and 20,581 units respectively, while Hero MotoCorp was fourth. Greaves Electric Mobility entered the top five with a 4.23% share.
The decline comes as the overall EV two-wheeler market fell 9% in February due to the shorter month. Ola Electric’s market capitalization now stands at Rs 11,137 crore ($1.23 billion), with shares closing at Rs 25.25.
This slip highlights the rising competition in India’s EV two-wheeler segment, with new players like Greaves Electric and Simple Energy gaining ground.
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