Ola Electric shares surge 10% after founder clears ₹260cr loan
What's the story
Ola Electric's shares surged nearly 10% to ₹34.38 on Friday afternoon, recovering from the previous day's close of ₹31.26. The spike follows the company's confirmation that founder Bhavish Aggarwal has sold 2.83 crore shares at ₹31.9 per share to clear all promoter pledges. The sale was a one-time monetization of a small part (0.6%) of Aggarwal's personal stake in the company, which he used to repay a promoter-level loan worth around ₹260 crore and release all previously pledged shares (3.93%).
Stake retention
Promoter group retains majority stake in Ola Electric
The promoter group still holds a significant stake of 34.6% in Ola Electric. The company has stressed that there is no dilution of promoter control or change in long-term commitment. With all promoter pledges cleared, Ola Electric is focused on execution and growth in the electric vehicle space. The stock hit its 52-week low of ₹30.76 on Wednesday, down almost 70% from its 52-week high of ₹99.95 recorded in December 2024.