Shares of Ola Electric crashed 6% on Thursday, with brokerage Emkay Global seeing up to 35% downside potential after the EV scooter-maker reported a sharp 57% year-on-year (YoY) drop in revenue from operations to Rs 265 crore in the fourth quarter of FY26, from Rs 611 crore in the year-ago period.The Bhavish Aggarwal-led company on Wednesday reported a consolidated net loss of Rs 500 crore for the January-March quarter of the financial year 2026, down 42.5% from the Rs 870 crore net loss reported in the corresponding quarter of the previous financial year. However, Emkay highlighted that the company reported a weak set of earnings, with the sharp plunge in revenue and a 61% YoY drop in volume. While Ola Electric has seen some sequential volume improvement (March-April retails at 10,000-12,000/month vs around 8,000/month on average from November 2025 to January 2026) and market share (8-9% in April 2026/May 2026; 5% in Q4 FY26), Emkay attributes the volume growth to the currently better placed production capacity, share gains in the more price-sensitive northern markets, and electric two wheeler incumbents along with Ather operating at peak utilization amid strong demand."Ola is adopting several measures to improve execution, cut costs/conserve cash, and improve brand perception (service-related issues have started resolving). We believe this could be a difficult, long-drawn-out process, especially due to greater focus by incumbents + scale-up at Ather. Additionally, new capacities coming onstream for incumbents/Ather in H2 FY26 would reintroduce competition in the industry structure," the brokerage said.Given the current dynamics, Emkay believes that Ola's recovery in volume and market share remains monitorable. “We increase FY27E volume by around 10%, given the strong momentum in the underlying E-2W industry,” it added.Emkay retained its 'Sell' call for the shares of Ola Electric Mobility, but raised its target price to Rs 25 from Rs 20. The latest target price however, implies a downside potential of more than 35% from the stock’s previous closing price of Rs 36.96 apiece. The brokerage highlighted that it prefers Aether Energy and TVS Motor Company as part of the electric two-wheeler theme.Ola Electric share priceOla Electric shares crashed around 6% to trade at Rs 34.83 apiece today in the morning. After hitting a 52-week low of Rs 22.05 apiece in March, Ola Electric Mobility shares sharply rallied more than 90% in just a month to hit a multi-month high of Rs 42 apiece. Also read: Ola Electric Q4 Results: Net loss contracts 42% YoY to Rs 500 crore, revenue tanks 57%The stock has, however, fallen 6% in one month, 6% in 2026 so far and 31% in one year. The company currently has a market capitalisation of more than Rs 15,579 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)