Bhavish Aggarwal is selling a portion of his Ola Electric shares. This move aims to free up shares previously pledged for a loan. Ola Electric founder and promoter Bhavish Aggarwal will offload a 2.78 per cent stake in the company over the next few days to release 3.93 per cent of shares he had pledged to raise a promoter-level loan of ₹260 crore.
The first tranche of the stake sale was completed on Tuesday, when Aggarwal sold a 0.6 per cent stake through a bulk deal for about ₹92 crore, according to deals data published by the National Stock Exchange (NSE).
Following the transaction, Ola Electric’s shares ended the day 8.5 per cent lower at ₹34.20 on the NSE.
In a statement, the company said that the transaction was executed at the promoter’s personal level and would not have any impact on Ola Electric’s operations or governance, and post the sale, the promoter group will continue to hold about 34 per cent in Ola Electric, compared with 36.78 per cent, as per the company’s September shareholding data.
“This action is taken to eliminate all promoter pledges, which can introduce avoidable risk and volatility,” the statement read.
Aggarwal has been pledging his Ola Electric shares over the past several months, largely to fund his artificial intelligence (AI) venture, Krutrim AI.
The stake sale comes amid a sharp decline in Ola Electric’s stock price. The shares hit an all-time low of ₹33.10 on December 9 and have been under sustained pressure over the past several months.
The erstwhile market leader in India’s electric two-wheeler segment, Ola Electric, slipped to fifth place in November with a 7.4 per cent market share, weighed down by regulatory scrutiny, intensifying competition, and disruptions in its service network. A year earlier, the company held over 25 per cent market share, according to Vahan data.
The stock has also been under pressure after the company cut its consolidated revenue forecast to ₹3,000-3,200 crore from ₹4,200-4,700 crore earlier, citing weak sales volumes. Ola Electric reported a 43 per cent year-on-year (YoY) decline in operating revenue to ₹690 crore in the second quarter of FY26.
Early investors are either paring or exiting their stakes in Ola Electric. On December 5, ET reported that venture capital (VC) firm Z47 (formerly Matrix Partners India), an early backer of Aggarwal’s ventures, has fully exited Ola Electric by selling its residual stake.
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