However, this positive development comes during a difficult phase for Ola Electric. The company has seen a steady decline in sales and a sharp decline in market share over the past year. During this period, co-founder and CEO Bhavish Aggarwal sold shares worth Rs 91.89 crore, reducing his stake by about 0.6%. According to NSE bulk deal data, he sold 2.63 crore shares at Rs 34.99 per share.
Ola Electric clarified that Agarwal sold shares to repay a promoter-level loan of Rs 260 crore. “With this, all the 3.93% shares already pledged will be released, thereby removing a serious problem,” the company said. It further said, “This action has been taken to eliminate all promoter pledges, which could bring avoidable risk and volatility. This is part of the founder’s conviction that Ola Electric should operate with zero pledge overhang, and should completely eliminate leverage.”
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