The latest transaction, executed today, involved shares worth Rs 142 crore. This comes a day after Aggarwal sold more than 2.6 crore shares in a bulk deal at Rs 34.99 apiece, a transaction valued at around Rs 92 crore. Taken together, the two sales amount to nearly 6.8 crore shares being offloaded within a span of two days.
After Tuesday’s sale, the company said the promoter has undertaken a one-time, limited monetisation of a small portion of his personal stake to fully repay a promoter level loan amounting to Rs 260 crore.
Ola said that the sales are limited and personal in nature. However, the market response has been swift and negative. On December 17, Ola Electric shares hit an all-time low of Rs 32.67 on the NSE before closing nearly 5% lower at Rs 32.90.
The company had earlier said Aggarwal’s stake sale would lead to the release of all previously pledged shares, which accounted for about 3.93% of the equity, thereby removing what it described as a key overhang on the stock.
After the transactions, the promoter group is expected to hold about 34% in the company, which Ola Electric said remains among the highest promoter holdings across newly listed technology firms.
The company emphasised that the stake sale was carried out entirely at the promoter’s personal level and would not result in any dilution of control or changes to Ola Electric’s operations, governance or long-term strategy.It added that the founder’s intent was to operate with zero promoter pledge, eliminating leverage-related risks and potential volatility.
The sell-down, however, comes at a difficult time for Ola Electric. The company has been grappling with slowing demand, falling market share and sustained financial losses. Ola slipped to fifth place in the electric two-wheeler market in October, behind Bajaj, TVS, Hero and rival Ather. In November, monthly sales fell below 10,000 units to around 8,400.
Financial performance has also remained under pressure. Ola Electric reported a consolidated net loss of Rs 418 crore for the September quarter, narrower than the Rs 495 crore loss a year earlier, but revenue declined sharply by 43% year-on-year to Rs 756 crore, underlining the challenges facing the company as competition intensifies and volumes soften.
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