Shares of Ola Electric decreased nearly 5% to 75.81 rupees (around US$0.89) on the National Stock Exchange (NSE) during intraday trading on January 9.

The stock dropped below its listing price of 76 rupees (around US$0.90) due to significant sell-offs. Over 3.4 million shares were sold during the session.

Later in the day, the stock partially recovered, trading at 76.17 rupees (around US$0.90).

Amid the decline, the company’s market capitalization dropped to 33,597 crore rupees (around US$3.94 billion) and coincided with broader market losses, as the Nifty droppes 0.78% and the BSE Sensex fell 0.77%.

Since its listing last year, Ola Electric’s stock has plummeted 49.48% from its 52-week high of 157.40 rupees (around US$1.85), amid concerns over after-sales service, report of defective vehicles, and increased regulatory scrutiny.