Bhavish Aggarwal Offloads Ola Electric Shares Worth Rs 91.9 Crore in Block Deal

At a time when Ola Electric is grappling with a consistent decline in sales and sharp erosion in market share, Co‑founder and CEO Bhavish Aggarwal has reduced his stake in the company by 0.6%, selling shares worth Rs 91.89 crore. According to the bulk deal data from the National Stock Exchange, Aggarwal sold 2.63 crore shares at Rs 34.99 apiece on Tuesday. 

Ola Electric, in a statement, said Aggarwal monetised the shares to fully repay a promoter-level loan amounting to INR 260 crore. “With this, all of the previously pledged 3.93% shares will be released, removing a critical overhang,” the company said.

“This action is taken to eliminate all promoter pledges, which can introduce avoidable risk and volatility. It is part of the founder's conviction that Ola Electric should operate with zero pledge overhang, and he should fully unwind the leverage.” 

Aggarwal’s shareholding, which stood at 69.65% at the end of FY24, was reduced to 30% by the end of FY25, leaving him with around 132.39 crore shares on BSE. Of this, 10.11% is pledged with lenders and 66.63% locked in.

With this bulk deal, his shareholding in the company will be around 29.4%. He more than halved his stake in the company during its initial public offering last year. “Post the transaction, the promoter group would continue to hold approximately 34% in Ola Electric, among the highest across new-age listed companies. There is no dilution of promoter control or change in the long-term conviction,” the company added.

Ola’s share price and two-wheeler sales have been a growing concern for investors. The stock, which listed at Rs 76 in August last year, rose to an all-time high of Rs 102.5 in December. Since then, it has been on a steady decline, falling about 60% so far this year and recently hitting a record low of Rs 33.2.

Meanwhile, Ola Electric’s market share has steadily declined over the past year. From being the market leader with roughly 30% share in the year-ago period, the company slipped to fifth position, holding just around 7% of the market.

Ola Electric has reported that its automotive business turned EBITDA positive for the first time in the second quarter, while its revenue and volumes saw a decline. The company has also cut its full FY26 revenue forecast to Rs 3,000–3,200 crore, down from Rs 4,200 crore – Rs 4,700 crore range forecasted earlier.