Ola Electric Mobility, the Bengaluru-based electric scooter maker, has seen its stock maintain a downtrend due to consistent selling by its founder and promoter, Bhavish Aggarwal. In just three days, Aggarwal has offloaded nearly 2.2% of his stake, worth over Rs 324 crore, which is significantly higher than the Rs 260 crore required to repay a promoter-level loan.
The stock hit an all-time closing low of Rs 31.26, down 5% with higher volumes, and has lost 80% from its record high of Rs 157.4 on August 20 last year. The company's market capitalization currently stands at Rs 13,797 crore, significantly lower than the Rs 69,000 crore recorded at its highest price level.
On Thursday, Bhavish Aggarwal sold 2.83 crore equity shares, equivalent to 0.64% of paid-up equity, for Rs 90.3 crore at Rs 31.9 per share. This takes the total selling to 2.18% stake worth Rs 324.4 crore in three days. The breakdown of the stake sale is as follows:
Aggarwal had informed exchanges that he had undertaken a one-time, limited monetization of a small portion of his personal stake to fully repay a promoter-level loan amounting to Rs 260 crore. This move aims to eliminate all promoter pledges, which can introduce avoidable risk and volatility, and is part of the founder's conviction that Ola Electric should operate with zero pledge overhang.
Remember, this is just a perspective on the current market situation, and it's essential to do your own research before making any investment decisions. The electric vehicle and electric scooter markets are constantly evolving, and it's crucial to stay informed about the latest developments and trends in the stock market and financial markets.
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