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At a time when Ola Electric is facing pressure from falling sales and a sharp drop in market share, Co-founder and CEO Bhavish Aggarwal has reduced his stake in the company. He sold shares worth Rs 91.89 crore through a bulk deal on the National Stock Exchange. According to exchange data, Aggarwal sold around 2.63 crore shares at a price of Rs 34.99 per share.
This development comes as Ola Electric’s stock continues to struggle near its 52-week low. In early trade following the deal, the shares were seen trading close to Rs 34, extending recent losses. Over the past few months, the stock has remained under selling pressure, reflecting growing investor concerns.
Ola Electric clarified that the stake sale was carried out to repay a promoter-level loan worth Rs 260 crore. In an official statement, the company said Aggarwal monetised a small portion of his personal holding to address this issue. “With this, all of the previously pledged 3.93% shares will be released, removing a critical overhang,” the company said.
The company further explained the intent behind the move, stating, “This action is taken to eliminate all promoter pledges, which can introduce avoidable risk and volatility. It is part of the founder's conviction that Ola Electric should operate with zero pledge overhang, and he should fully unwind the leverage.”
Perhaps this step is aimed at improving investor confidence, especially at a time when the stock has already seen a steep correction.
Aggarwal’s shareholding has steadily reduced over the past year. From nearly 69.65% at the end of FY24, it dropped significantly after the company’s IPO and further declined following this latest transaction.
With the recent sale, his personal holding stands at around 29.4%. However, Ola Electric stressed that promoter control remains intact. “Post the transaction, the promoter group would continue to hold approximately 34% in Ola Electric, among the highest across new-age listed companies. There is no dilution of promoter control or change in the long-term conviction,” the company added.
Meanwhile, Ola Electric’s business performance has also raised questions. The company’s market share has fallen from nearly 30% last year to about 7%, pushing it to the fifth position in the EV scooter market. In addition, while the automotive business turned EBITDA positive in the second quarter, revenues and volumes declined. Ola has also lowered its full-year revenue guidance for FY26, signaling a cautious outlook ahead.
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