Ather Energy Shares Hit Record High After Konarc E-scooter Launch
EV maker Ather Energy's shares reached a new all-time high of ₹1,703.90 after the company launched its Konarc e-scooter, boosting its market capitalization significantly.
Shares of electric vehicle manufacturer Ather Energy surged to a record high of ₹1,703.90 during intraday trading on Monday, following the company's launch of its new Konarc e-scooter. The company's market capitalization reached approximately $7.9 billion (₹66,200 Cr).
The Konarc e-scooter, unveiled at Ather's annual Community Day event on Saturday, is priced starting at ₹99,999, targeting the mass-market electric two-wheeler segment. Built on Ather's new EL platform, the scooter offers claimed range options between 100 km and 200 km.
Financial analysts have maintained a positive outlook. Emkay Global Financial Services reiterated its 'Buy' rating on Ather, raising its price target by 37.5% to ₹2,200 per share. The brokerage cited Ather's brand, product portfolio, and market share potential as key strengths.
The stock's rise also follows Hero MotoCorp's recent acquisition of an additional stake in Ather for up to ₹1,758 Cr. In its latest financial report, Ather narrowed its net loss for the June quarter to ₹51 Cr, while operating revenue increased 79% year-on-year to ₹1,227 Cr.