Shares of Ola Electric Mobility fell over 7% on Tuesday, November 5, after the company’s three-month lock-up period ended on Tuesday.

According to Nuvama Alternative & Quantitative Research, up to 18.2 crore shares, or 4% of the company’s outstanding equity, become eligible to trade in the market after this shareholder lock-up period ends.

It should be clarified that the end of the share lock-up period does not mean that all shares will be sold on the open market, but that they will simply become eligible for trading.

Another 18.2 crore shares, or 4% of Ola Electric’s outstanding equity, had become eligible for trading in September, when its month-long shareholder lock-up ended.

Ola Electric, in an exchange filing on Monday, highlighted that it will hold a board meeting on November 8 to disclose its September quarter results.

During the June quarter, Ola Electric’s net loss widened to ₹347 crore, while earnings before interest, tax, depreciation and amortization (EBITDA) stood at a loss of ₹205 crore against an EBITDA loss of ₹218 crore last year.

Shares of Ola Electric Mobility are currently trading 7.2% lower at ₹75, below its IPO price of ₹76. The stock had touched an intraday low of ₹74.81 on Tuesday.