Ola Electric shares slide 3%

Shares of Ola Electric Mobility Limited slipped further on Thursday after founder and promoter Bhavish Aggarwal sold another chunk of his personal shareholding through open market transactions. The stock fell nearly 3 per cent to trade around Rs 32.22 apiece during early trade and touched an intra-day low of Rs 31.56, keeping it close to its 52-week low levels.

The decline came even as the broader market showed some stability, with the NSE Nifty index rising around 0.29 per cent. According to bulk deal data available on the National Stock Exchange, Aggarwal sold about 4.19 crore equity shares at an average price of Rs 33.96 per share on Wednesday.

The total value of the transaction stood at nearly Rs 142 crore. The buyers of these shares could not be identified from the exchange data. Ola Electric clarified that the share sale was part of a one-time and limited monetisation of a small portion of the founder’s personal stake.

The main objective of the transaction was to fully repay a promoter-level loan amounting to Rs 260 crore.