Ola Electric Mobility Ltd.s shares saw sharp swings over two sessions through Thursday, with trading volumes surging to a record as the Indian e-scooter makers push to rollout new models and build a battery cell gigafactory drew analyst attention.

Shares of the Bengaluru-based company tumbled almost 9% in Mumbai, paring part of Wednesdays 19% surge. Trading was heavy on both days, with 173.5 million shares changing hands in 76 block deals almost 4% of its equity capital, data compiled by Bloomberg show.

The moves mark a tentative rebound for Ola Electric after shares sank to a record low in July, pressured by crises including instances of its scooters catching fire, shrinking market share, and setbacks following its blockbuster IPO last year.

Olas velocity of new launches remains commendable, Citigroup Inc. analyst Arvind Sharma wrote in a note. The companys vertical integration, technology updates and higher volumes should eventually help it become profitable, he said. The brokerage has a buy recommendation on the stock, with price target of 55 rupees. The stock closed at 53.2 rupees on Wednesday.

Shares have gained 22% this month as the company unveiled its indigenously developed Lithium-ion cell battery that will be used in some of its vehicles. Last month, the company said it expects operating cash-flow of the auto business to turn positive later in the year.