Ola Electric Shares Down 3% After Founder Bhavish Aggarwal Sells Another Lot For Rs 142 Crore

Shares of Ola Electric Mobility Ltd. on Thursday fell by 3% at Rs 32.22 a piece.

Bhavish Aggarwal, Ola Electric Mobility Ltd. founder and promoter, on Wednesday, sold another lot of shares worth Rs 142 crore via open market transactions. The company said the share sale is part of "a one-time, limited monetisation" of a small portion of his personal stake to fully repay a promoter level loan amounting to Rs 260 crore.

Aggarwal, the chairman and managing director of the electric two-wheeler maker, sold 4.19 crore equity shares at Rs 33.96 apiece, as per bulk deal data on the National Stock Exchange. The buyers of the stock could not be ascertained.

Ola Electric's founder Bhavish Aggarwal has undertaken a limited monetisation of his personal shareholding to fully release all promoter-level share pledges totalling Rs 260 crore.

The pledge release transaction involved a combination of monetising a small part of the promoter holding as well as other personal incomes. It will completely release 3.93% of previously pledged shares, making the founder-promoter debt-free.

The scrip fell as much to Rs 31.56 apiece on Thursday. It pared loss to trade 2.80% higher at Rs 31.88 apiece, as of 9:46 a.m. This compares to a 0.29% growth in the NSE Nifty 50 Index.

It has dropped 62.89% on a year-to-date basis, and dropped 66.95% in the last 12 months. The relative strength index was at 42.74.

Out of 8 analysts tracking the company, three maintain a 'buy' rating, one recommend a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 45.88 implies a upside of 44.9%.