Bhavish Aggarwal sells 0.6% in Ola Electric at over 50% discount to IPO price

Within less than two years of offloading 4.7 crore shares in Ola Electric Mobility Ltd through the primary market, Bhavish Aggarwal, founder of Ola Electric, sold another 2.6 crore shares via a block deal on Tuesday, December 16, at an average price of ₹34.99 per share.

The sale comes as Ola Electric’s stock has lost more than three-fourths of its value from its post-listing high of ₹146.38 and is currently trading at ₹34.48, well below its IPO price of ₹76.

The stock had a strong debut in August last year, hitting upper circuits in four of the first six trading sessions, but the initial enthusiasm faded as legacy two-wheeler manufacturers entered the electric vehicle space with aggressive product launches.

Also Read: Stock Crash: Ola Electric Mobility shares fall for seventh straight day; Down 80% from post-listing high

Ola Electric, which once commanded more than 25% of India’s electric two-wheeler market, has seen its dominance erode sharply. The company slipped to fourth position in November 2025, with its market share plunging to 6.7% from around 25% at the beginning of the year.

Bhavish Aggarwal on Tuesday offloaded a 0.6% stake in the company to repay promoter-level debt of ₹260 crore. Following the transaction, Aggarwal’s individual shareholding fell below 30%. The company added that the sale would lead to the release of all previously pledged shares, amounting to 3.93%, thereby removing a key overhang on the stock.

As of the end of September 2025, the promoter group held 36.78% in Ola Electric, with 8.3% of promoter holdings, or 3.04% of total paid-up equity, pledged. While Bhavish Aggarwal continued to own the bulk of the promoter stake, another group entity, ANI Technologies Pvt Ltd, held a 3.64% stake in the company.

Also Read: Ola Electric shares surge 8%; S&P Global flags of issues at promoter entity

Meanwhile, ratings agency S&P Global downgraded ANI Technologies’ rating to ‘CCC-’ from ‘CCC+’ with a negative outlook, warning that the company is likely to breach a covenant on March 31, 2026. The covenant requires ANI Technologies to maintain cash equivalent to at least 40% of its term loan B, estimated at about ₹240 crore.

Prior to the IPO, Bhavish Aggarwal owned nearly 37% of Ola Electric and had sold 4.74 crore shares during the offering, raising around ₹360 crore. On Tuesday, Ola Electric shares fell another 8% to close at ₹34.48 on the NSE, taking the stock’s decline to about 60% so far in 2025. Of the eight analysts tracking the stock on Bloomberg, four have a “Sell” rating, three recommend “Buy”, and one maintains a “Hold” view.