Bhavish Aggarwal sells Ola Electric shares worth ₹324 crore:Offloads 2.2% stake over three days to repay ₹260 crore promoter loan

Ola Electric Mobility founder and promoter Bhavish Aggarwal sold company shares for the third consecutive trading session on December 18. Over three days, he offloaded nearly 2.2% of his stake, raising more than ₹324 crore. According to exchange disclosures, Aggarwal sold 2.83 crore equity shares, representing 0.64% of Ola Electric’s paid-up capital, at an average price of ₹31.90 per share on Thursday, generating proceeds of about ₹90.3 crore. Earlier, he had sold shares worth ₹142.3 crore on Wednesday and ₹91.87 crore on Tuesday. The funds were used to repay a promoter-level loan of around ₹260 crore. Stake Sale to Repay Promoter Loan On December 16, Aggarwal had informed stock exchanges that he planned to sell a small portion of his personal holding to repay a promoter-level loan of approximately ₹260 crore. While the total sale over three days amounted to ₹324 crore, the company clarified that this was a one-time, limited monetisation aimed at eliminating promoter pledge. The company noted that pledged shares add risk and volatility, and Aggarwal has maintained that Ola Electric should operate with zero promoter pledge. Stock Rallies After Loan Repayment Following the announcement that the promoter-level loan had been fully repaid, Ola Electric shares jumped nearly 10% on Friday, December 19, closing at ₹34.40 in early trade. The company confirmed that all 3.93% of the promoter’s pledged shares have now been released, bringing promoter pledge in Ola Electric to zero. Market participants view this as a positive development, as promoter pledging is often associated with higher risk and stock volatility. Shares Had Been Under Selling Pressure Ola Electric’s stock had remained under pressure due to continuous promoter selling and closed at an all-time low of ₹31.26 on December 18, declining 5%. The share has fallen nearly 80% from its record high of ₹157.40, hit on August 20. Following the decline, the company’s market capitalization dropped to about ₹13,797 crore, compared with nearly ₹69,000 crore at its peak.