Shares of Ola Electric Mobility surged nearly 10% on Friday, hitting the upper circuit at around Rs 34.38– Rs 34.40 on both the NSE and BSE, after the company
disclosed that founder and CEO Bhavish Aggarwal has completed the sale of part of his personal stake to repay a Rs 260 crore promoter loan. The repayment has resulted in the release of all pledged shares, clearing 3.93% of the equity that was earlier tied to the loan. Following the transaction, promoter group holding stands at about 34.6%, down from 36.78%, with the company stressing there is no change in control or long-term strategy. The development helped arrest a sharp sell-off seen earlier in the week. Ola Electric shares had fallen more than 17% over the previous three sessions, touching a fresh low of Rs 30.76 on Thursday. Trading activity surged on Friday, with over 235 million shares changing hands by early afternoon—far above the stock’s 30-day average. Aggarwal sold shares over three days: about 2.6 crore shares on December 16 for roughly Rs 92 crore at around Rs 35 apiece, 4.19 crore shares on December 17 for about Rs 142 crore at Rs 34, and 2.83 crore shares on December 18 for around Rs 90 crore at close to Rs 32. In total, around 9.62 crore shares were sold for approximately Rs 324 crore. The company described the transaction as a one-time, planned personal stake sale aimed at eliminating leverage and pledge-related risks, adding that it has no impact on operations or business plans. While markets welcomed the removal of the pledge overhang, the stock remains under pressure in the longer term. Ola Electric shares are still down over 80% from their August peak of Rs 157 and more than 55% below the IPO price of Rs 76. The company has faced recent challenges including softer sales, market share pressures and customer service concerns. Friday’s rally offered some relief, though analysts say a sustained recovery will depend on operational performance and improved execution.
