Ola Electric shares fall nearly 10% amid ₹1,000cr rights issue
Ola Electric's stock dropped nearly 10% on Thursday after the company announced a ₹1,000 crore rights issue at a 26% discount.
Existing shareholders now have to choose: subscribe, sell their rights entitlements, or allow them to lapse and risk having their stake diluted.
This move follows a recent ₹780 crore fundraising round, showing Ola's urgent need for extra funds.
Bhavish Aggarwal pledges shares to subscribe
Shareholders can buy two extra shares for every 25 they own at ₹27 each, with October 13, 2026, as the record date.
If everyone joins in, Ola's equity base could grow by about 8%. The company plans to use the new funds mainly to pay off debt and boost research and infrastructure.
Financially, Ola reported a net loss of ₹336 crore in the June quarter (quarter ended June 2026) (better than before), but revenue still fell sharply by 45%.
Founder Bhavish Aggarwal is backing his own subscription by pledging shares, and the company maintains that the arrangement involves no equity sale.