India's Ola Electric surges 20% on debut on EV optimism

India's Ola Electric surges 20% on debut on EV optimism

FILE PHOTO: Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023. REUTERS/VarunVyas Hebbalalu/File Photo

Ola Electric Mobility’s shares surged 20% on their Mumbai trading debut on Friday, valuing the company at $4.8 billion, as investors bet on increasing adoption of electric models in the world’s largest market for two-wheelers.