Ola Electric shares extended losses for a third straight session on Thursday, sliding over 5% to hit a fresh lifetime low of ₹30.76, after promoter and founder Bhavish Aggarwal sold more than 68 million shares over the past two days. The stock opened at ₹32.80 on the NSE to touch a high of ₹33.44 during the session. However, it slipped over 5% to a fresh 52-week low of ₹30.76 before recovering to close at ₹31.46.
Two-Day Sell-off
The decline follows Aggarwal’s sale of 41.9 million shares in the open market on Wednesday at ₹33.96 apiece, raising about ₹142 crore. This came a day after he sold 26 million shares, or a 0.6% stake, through a bulk deal on Tuesday at ₹34.99 per share to raise ₹92 crore. Both transactions were executed at less than half of the company’s IPO listing price of ₹76.
On Tuesday, the company clarified that the share sales were “a one-time, limited monetisation” of a small portion of Aggarwal’s personal stake to fully repay a promoter-level loan of ₹260 crore.
Strategic Debt Clearance
“With this, all of the previously pledged 3.93% shares will be released, removing a critical overhang. Post the transaction, the promoter group would continue to hold approximately 34% in Ola Electric, among the highest across new-age listed companies,” the statement said.
Ola Electric added that there was no dilution of promoter control and that the transaction was undertaken 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. The transaction is being executed entirely at the promoter’s personal level and would have no impact on Ola Electric’s operations, governance, or strategic direction,” the statement said.
As of September 2025, Aggarwal held a 30.02% stake in Ola Electric, equivalent to over 1.32 billion equity shares. The latest share sale reduces Aggarwal’s ownership by about 1.5 percentage points.