Bhavish Aggarwal offloads over ₹320 crore worth of Ola Electric shares in 3 days

Ola Electric founder Bhavish Aggarwal has continued to dilute his stake in the electric two-wheeler maker for the third consecutive session, selling shares via block deals on the NSE between December 16 and December 18.

Aggarwal offloaded 9.62 crore shares at an average price of ₹33.63 per share, significantly below the company’s IPO price of ₹76. Over the three days, he sold 2.2% equity, raising ₹324 crore.

The company said the sale was one-time in nature and aimed at repaying a promoter-level loan of approximately ₹260 crore and fully releasing all pledged promoter shares.

The transaction eliminated 3.93% of shares previously pledged, bringing promoter pledges to zero. The additional proceeds are expected to cover statutory costs such as taxes and regulatory levies.

This marks Aggarwal’s largest share sale since the IPO, following the earlier sale of 4.7 crore shares in the primary market. He sold 2.6 crore shares on December 16, followed by 4.2 crore on December 17 and 2.8 crore on December 18.

	No shares in crore	Average Price (₹)	Value (₹ crore)
16-Dec-25	2.60	34.99	90.97
17-Dec-25	4.19	33.96	142.30
18-Dec-25	2.83	31.90	90.28

Ola Electric’s stock has declined sharply, losing over 75% from its post-listing high of ₹146.38 and closing at ₹31.26 on Thursday. The shares have fallen 16.4% over the last three sessions and are down 64% year-to-date.

The company’s early post-IPO momentum faded amid aggressive EV launches by legacy two-wheeler manufacturers.

Ola Electric’s market share has dropped to 6.7% in November 2025, down from around 25% at the start of the year, pushing it to fourth place in the segment.

As of September 2025, promoter Bhavish Aggarwal held a 30.02% stake in Ola Electric, with 10.1% of his shareholding pledged—equivalent to 3.04% of the company’s total equity outstanding.

Following the latest sale, the total promoter holding has declined to 34.6% from 36.78% earlier. Another promoter entity, ANI Technologies Pvt Ltd, owned 3.64% of the company.

Meanwhile, S&P Global Ratings downgraded ANI Technologies to ‘CCC-’ from ‘CCC+’, citing the risk of a covenant breach by March 31, 2026. The covenant requires maintaining cash equal to at least 40% of its Term Loan B, estimated at ₹240 crore.

Among eight analysts tracked by Bloomberg, four recommend “Sell,” three “Buy,” and one “Hold.”