Ola Electric Shares Stage Rebound After $5 Billion Wipeout

Ola Electric Mobility Ltd.’s shares are recovering from a $5 billion rout as investors bet the Indian e-scooter maker is turning a corner.

After hitting a record low in July, the stock rebounded 31% in August — its biggest monthly rally since last year’s much-hyped listing. Ola’s indigenously developed Lithium-ion cell battery and government incentivesfor its newly-introduced scooters have boosted helped turn sentiment around.

The shares climbed almost 16% on Monday to 62.48 rupees ($0.71) — their highest level since Feb. 13 — with trading volumes eight times their three-month average.

The upturn offers a ...