Ola Electric shares fell in every quarter but one since its listing, but total retail shareholders did not

Shares of Ola Electric Mobility Ltd. are trading at record lows, having corrected nearly 80% from their post-listing high of ₹157.

The stock is also down 54% from its IPO price of ₹76 apiece.

Since its listing in August last year, the stock has delivered negative returns in four out of the five full quarters that it has traded.

For the October-December period so far, the stock is down nearly 40%.

Quarter	Ola Electric Returns
Q4 CY24	-14%
Q1 CY25	-38%
Q2 CY25	-19%
Q3 CY25	32%
Q4 CY25	-39%

The stock is in news on Wednesday after promoter Bhavish Aggarwal sold close to 0.6% of his holdings on Tuesday in a deal valued at nearly ₹92 crore. The company, in a statement later said that the sale was done to repay a promoter loan worth ₹260 crore and remove the overhang of pledged promoter shares.

At the end of the September quarter, Bhavish Aggarwal had a 30% stake in Ola Electric.

While Ola Electric's shares have continued to decline, the same cannot be said for retail shareholders, who have continued to bet on the stock over the last five quarters.

At the end of the September 2024 quarter, Ola Electric Mobility had a total of 14.1 lakh small retail shareholders, or those with authorised share capital of up to ₹2 lakh, who had a 8% stake in the company. At the end of the September 2025 quarter, there were a total of 19 lakh retail shareholders, who own a 17.3% stake in Ola Electric.

Quarter	Retail Shareholders (Nos.)	Stake (%)
September 2024	14.1 Lakh	8.06
December 2024	15.5 Lakh	9.85
March 2025	16.5 Lakh	12.01
June 2025	16.5 Lakh	13.94
September 2025	19.1 Lakh	17.3

After trimming their stake for four quarters in a row, India's Domestic Mutual Funds increased their stake in Ola Electric during the September quarter.

As of September 30, Mutual Funds had a 5.51% stake in Ola Electric, with Motilal Oswal Large and Midcap Fund having a 2.4% stake, and Mirae Asset Large & Midcap Fund having a 1.86% stake.

Quarter	MF Stake (%)
September 2024	4.62
December 2024	4.09
March 2025	2.61
June 2025	2.56
September 2025	5.51

Shares of Ola Electric Mobility ended 8.5% lower on Tuesday at ₹34.2. Eight analysts have coverage on the stock, where three have a "buy" rating, one says "hold" and four have a "sell" rating.