Bhavish Aggarwal sells 2% of his Ola Electric holding for Rs 92 Cr

Ola Electric founder and CEO Bhavish Aggarwal has sold a small portion of his stake in the company through a bulk deal on the stock exchange.

According to exchange disclosures, Aggarwal sold 2,62,56,748 shares, representing around 2% of his existing shareholding, at a price of Rs 34.99 per share. The transaction was valued at nearly Rs 92 crore.

Aggarwal had also pledged an additional portion of his shares this month. Exchange filings show that a 3.04% stake was pledged on December 5, aggregating his total pledged shareholding to 13.3% prior to the sale.

After this transaction, the company’s statement said Aggarwal undertook a one time, limited monetisation of a small portion of his personal stake to fully repay a promoter level loan of Rs 260 crore. This will result in the release of all previously pledged 3.93% shares, removing a key overhang.

“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,” the company added through the release.  

Prior to the transaction, Aggarwal held 1,323,960,029 shares in Ola Electric, translating to a 30.02% stake in the company. Following the sale, his shareholding has come down to 1,29,77,03,281 shares, or about 29.4%.

In terms of EV sales, Ola slipped to fourth position for November with its market share shrinking to 7.19%, a stunning reversal from the top spot it held during the same month a year earlier. The company also registered a harsh 50% month-on-month drop in November, with registrations plunging to 8,254 units from 16,013 in October.

For the second quarter of the ongoing fiscal year FY26, Ola Electric’s revenue fell 46% to Rs 660 crore, while losses widened to Rs 418 crore. 

Ola Electric’s stock touched its lowest level ever earlier this month, representing a 70% erosion in value within just twelve months. It was at its peak as the firm stock hit an all-time high of Rs 100.40 on Dec 17, 2024.

As of December 16, Ola Electric’s shares were trading at Rs 34.20 apiece, giving the company a market capitalization of Rs 15,085 crore ($1.6 billion).