Ola Electric Mobility Founder and CEO, Bhavish Aggarwal, sold 4.19 crore shares, representing about 0.95 per cent of the company’s equity on Wednesday, through a bulk deal on the NSE. The shares were offloaded at ₹33.96 each, resulting in a transaction value of nearly ₹142 crore.
This was the second straight trading session in which Aggarwal trimmed his stake in the electric two-wheeler manufacturer. Over the two days, his total share-sales amounted to ₹234 crore, following the previous day’s offloading of shares worth ₹92 crore.
Promoter pledges
After the stake-sale on Tuesday, the company issued a statement saying, “Post the transaction, the promoter group would continue to hold approximately 34 per cent in Ola Electric, among the highest across new-age listed companies. There is no dilution of promoter control or change in the long-term conviction.”
According to the statement, the action was taken to eliminate all promoter pledges, which can introduce avoidable risk and volatility.
The company’s stock hit an all-time low of ₹32.67 on Wednesday and ended the session at ₹32.90 on the NSE, down 4.58 per cent over the previous day’s close.