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Ola Electric Shares Slide after Bhavish Aggarwal Tops Up Rs 20 Crore Pledge and Hyundai Sells Stake

The transactions deepen investor concerns after the stock has slumped 46% since its August IPO

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Overview

  • Ola Electric’s CEO Bhavish Aggarwal paid Rs 20 crore in fresh cash to maintain pledged shares that back his Krutrim AI venture
  • Hyundai Motor Company fully divested its 2.47% holding in the EV maker while Kia reduced its stake in a combined Rs 6.89 billion sale
  • Both South Korean automakers offloaded shares at roughly a 6% discount, contributing to an 8% stock decline on Tuesday
  • The company’s shares have fallen about 46% since debuting in August 2024 and are down roughly 43% year-to-date
  • Ola Electric’s market share in India’s electric two-wheeler segment dropped to 18% in May from over 48% a year earlier amid stiff competition