Ola Electric hits upper circuit as Aggarwal completes stake sale, rebounds 12%
Ola Electric hits upper circuit as Aggarwal completes stake sale, rebounds 12%
Ola Electric Mobility surges after promoter Bhavish Aggarwal completes stake monetisation, marking a rebound from recent lows and lifting market cap past ₹15,000 crore.
Ola Electric Mobility jumped to an upper circuit on Friday as promoter Bhavish Aggarwal completed a one-time, limited monetisation of a portion of his personal stake. The development came alongside a fresh rally in the stock, which traded around ₹34.40, up about 10% from the previous close of ₹31.28. Market observers noted that the stock’s market capitalization crossed the ₹15,000 crore mark amid the rebound.
In the wider context, Ola Electric has seen a volatile run in recent sessions, sinking to a fresh all-time low of ₹30.79 on Thursday before the rebound. The promoter transaction was framed by the company as removing all promoter pledges by paying off a promoter-level loan of roughly ₹260 crore and releasing 3.93% of shares previously pledged. Post-transaction, the promoter group reportedly holds 34.6% of Ola Electric, with no dilution of promoter control or changes to long-term direction.
Over the last three trading sessions, Bhavish Aggarwal cumulatively sold 9.62 crore equity shares worth ₹324.27 crore, at an average price around ₹33.65 apiece. The stock had tumbled more than 17% during those sessions before today’s rebound, and from its IPO price, the stock has seen a substantial decline. Ola Electric’s shares had previously fallen over 78% from its all-time high of ₹157.40, highlighting the market’s concern over growth prospects, profitability, and competitive pressures in the EV space.
Company officials stressed that the stake sale was a personal matter and not a reflection of the company’s operations, performance, or strategic roadmap. The liquidity obtained was intended to repay a loan and unwind pledged shares, rather than to finance any new ventures or fund expansion. Analysts will be watching for any signals that the improvement in liquidity translates into improved investor sentiment, stability in supply chains, and progress toward profitability in the near term.
