Ola Electric Mobility Ltd. founder and promoter Bhavish Aggarwal sold shares worth Rs 92 crore via open market transactions on Tuesday.
Aggarwal, the chairman and managing director of the electric two-wheeler maker, sold 2.6 crore equity shares at Rs 34.99 apiece, as per bulk deal data on the National Stock Exchange. The buyers of the stock could not be ascertained.
He held 30.02% stake as of September. Of this, 10.11% is pledged as a collateral and 66.63% locked in, as per BSE shareholding data.
Bhavish Aggarwal had sold 3.8 crore shares via IPO in August last year at Rs 76 per share.
Ola Electric’s retail sales have recently dropped, pushing the company down the market share rankings. Competitors like TVS Motor, Bajaj Auto, and Ather Energy have successfully gained ground cruising past Ola’s initial dominance.
Recurring reports of service backlogs, spare-part availability issues, and customer complaints have significantly damaged investor and consumer sentiment. While the company has deployed a task force to address these concerns, the impact is yet to be reflected in its stock performance.
Earlier in the day, Ola Electric Mobility share price ended 8.5% lower at Rs 34.48 apiece, compared to a 0.6% decline in the benchmark Nifty 50. The stock is down 60% year-to-date and recently hit an all-time low of Rs 33.2.
The total traded value was Rs 254 crore with a delivery ratio of 51%.
Out of eight analysts tracking the company, three maintain a ‘buy’ rating, one recommends a ‘hold,’ and four suggest ‘sell,’ according to Bloomberg data. The average 12-month consensus price target of Rs 45.88 implies an upside of 33%.
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