The ongoing rout in Ola Electric shares has slashed more than half of founder Bhavish Aggarwal’s public-market net worth, eroding the value of his listed holdings by over ₹5,000 crore just a year after the company’s blockbuster IPO.
Reversal of Fortune
Aggarwal currently holds 1.32 billion shares in Ola Electric, valued at ₹5,428 crore based on Friday’s closing price of ₹41.38 on the NSE. Ola Electric stock is now 46% below its listing price of ₹76 and down 60% from its 52-week high of ₹102.50 in December 2024. Shares are inching toward the 52-week low of ₹39.60 recorded on July 14, 2025.
Diverging Trajectories
The valuation is in sharp contrast to August 2024 when Ola Electric created history by becoming the first pure-play electric vehicle (EV) manufacturer to list on the Indian bourses. Although the ₹6,145-crore IPO had a muted listing, a sharp 20% post-listing rally boosted Aggarwal’s 30% plus holding to ₹12,420 crore ($1.48 billion) on the debut day. The stock continued to surge in following days, hitting a peak of ₹157.40 and pushing the company’s market capitalisation close to ₹60,000 crore.
However, the momentum soon reversed amid a sustained sell-off, triggered by multiple negative developments, including mounting service-related complaints, weakening sales, market-share losses to legacy OEMs, and regulatory scrutiny following show-cause notices.
Ola Electric’s retail sales have now fallen to their weakest level in three years. The company sold 7,383 units in November up to the 27th, putting it on course for its lowest monthly volume since September 2022, when registrations slipped below 8,500 units.
Once the dominant player in the electric two-wheeler segment with over 50% market share, Ola Electric has been steadily ceding ground to established rivals such as TVS Motor, Bajaj Auto and Ather Energy, which now hold the top three positions. As of November, the company ranked fifth, trailing Hero MotoCorp as well. The company is also in the process of raising ₹1,500 crore through a securities issuance as poor sales and heavy cash burn have pushed operating cash flows into the negative.
The continuous slide in the share price has also eroded Ola Electric’s market capitalisation, which stood at ₹18,252 crore as of Friday, compared with ₹28,022 crore at the time of listing. The company had briefly touched a peak valuation of over ₹60,000 crore shortly after going public.
Earlier this year, Aggarwal debuted on the Forbes World’s Billionaires List with an estimated personal wealth of $2 billion, based on Ola Electric’s April 2025 valuation of ₹22,000 crore. Much of his wealth is tied to the EV business, where he holds a 30% stake. According to Forbes, his net worth also includes holdings in Ola Consumer, which operates the ride-hailing platform Ola Cabs, and Krutrim, the artificial intelligence venture launched in 2023. His current net worth from these entities are unclear since they are unlisted.
Meanwhile, Ola Electric’s cross-city rival Ather Energy has seen its market capitalisation triple to ₹27,215 crore within six months of listing. Ather made a subdued public market debut at ₹328 on the NSE against its issue price of ₹321. However, its shares have since rallied more than 122% to ₹715, driven by a surge in sales and rapid market-share gains. Ather is now the third-largest electric two-wheeler manufacturer with a 17.5% market share.
The rising stock price has sharply boosted promoter wealth. Ather co-founders Tarun Mehta and Swapnil Jain, each holding a 5% stake, now have shareholdings valued at ₹1,397 crore each—up from about ₹673 crore at the time of listing. Hero MotoCorp, which owns 30.26% of Ather, has seen the value of its stake more than double to ₹8,228 crore from about ₹3,775 crore.