Ola Electric Shares Fall On Report Bhavish Aggarwal Pays Rs 20 Crore Cash To Maintain Pledge
Bhavish Aggarwal pays Rs 20 crore cash to top up collateral for borrowings against shares.
Ola Electric Mobility Ltd. stock fell nearly 2% after Bloomberg reported that founder Bhavish Aggarwal paid Rs 20 crore to maintain the share pledge.
This move was to top up collateral for borrowings against shares.
Aggarwal had raised Rs 250 crore for his generative AI venture Krutrim Data Center Pvt. by pledging the company's and voluntarily putting in the extra money since March as the shares dipped below Rs 50 each.
The shares of Ola Electric fell as much as 8.63% on Monday after its market share shrank to 18% in May from over 48% last year, amid regulatory and governance concerns. The shares fell about 35.09% since they were listed in August 2024 at Rs 76.
The shares are down 43.06% year-to-date, with the shares falling 13.25% in January and 24.02% in February. In March and April the shares were down 6.65% and 8.22%, respectively. The shares saw some recovery in May with a 4.66% advance but fell 8.48% in the last week.
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Ola Electric Share Price Today
The shares of Ola Electric fell as much as 1.84% to Rs 49.07 apiece, the lowest level since June 4. It pared losses to trade 1.58% lower at Rs 49.20 apiece, as of 1:35 p.m. This compares to a 0.46% advance in the NSE Nifty 50 Index.
Total traded volume so far in the day stood at 1.2 times its 30-day average. The relative strength index was at 42.8.
Out of eight analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold', and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 2.3%.
