Hyundai Motor Co. and Kia Corp. sold shares worth Rs 690 crore in Ola Electric Mobility Ltd. on Tuesday via open market transactions.
Hyundai offloaded 10.8 crore shares at Rs 50.7 apiece, aggregating to Rs 552 crore, exiting the company. Kia sold 2.7 crore shares at Rs 50.55 apiece, totaling Rs 138 crore., according to bulk deal data on the NSE.
US investment bank Citigroup, via a subsidiary, purchased Rs 437 crore worth of shares in Ola Electric Mobility. The firm acquired 8.61 crore shares at Rs 50.55 apiece.
Hyundai held a 2.4% stake in Ola Electric as a public shareholder, as per the BSE data updated up until March 2025.
Shares of Ola Electric closed 8.1% lower at Rs 49.33 apiece on the NSE, compared to a 0.7% fall in the benchmark Nifty. The stock has fallen 35.09% in the last 12 months and 42.46% on a year-to-date basis.
The stock had a delivery rate of nearly 56% on Tuesday, with a delivery turnover of Rs 824 crore, as per exchange data. The stock traded 17.4 times its 30-day average volume.
Out of the eight analysts tracking the company, three have a 'buy' rating on the stock, two recommend 'hold' and three suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 2.6%.
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