Bhavish Aggarwal sells 2% Ola Electric stake to clear promoter-level debt

Ola Electric founder and chief executive Bhavish Aggarwal has sold a small portion of his stake in the electric vehicle maker through a bulk deal, a move the company says is aimed at eliminating promoter-level debt and removing all share pledges.

Stock exchange disclosures show that Aggarwal sold 26.25 million shares, amounting to about 2% of his holding, at a price of Rs 34.99 per share. The transaction was valued at approximately Rs 92 crore. Following the sale, Aggarwal’s shareholding in Ola Electric has reduced from 30.02% to around 29.4%.

The company said the sale represents a one-time monetisation of a limited portion of the founder’s personal stake and will be used to fully repay a Rs 260 crore promoter-level loan. With the repayment, all previously pledged shares are expected to be released, eliminating what the company described as a potential source of risk and volatility for investors.

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Earlier this month, Aggarwal had pledged an additional 3.04% stake, taking his total pledged holding to 13.3% prior to the sale. Ola Electric said the repayment of the loan will result in the release of the entire pledged portion, reinforcing the founder’s stated commitment to operating without leverage at the promoter level.

The stake sale comes at a challenging time for Ola Electric. In November, the company slipped to fourth place in India’s electric two-wheeler market, with its market share declining to 7.19%. Vehicle registrations fell sharply to 8,254 units, marking a 50% drop from October and a significant reversal from its market-leading position a year earlier.

Financially, Ola Electric reported a 46% year-on-year decline in revenue to Rs 660 crore for the second quarter of FY26, while losses widened to Rs 418 crore. The company’s stock has also come under pressure, hitting an all-time low earlier this month after losing about 70% of its value over the past year.

Ola Electric’s shares were trading at Rs 34.20 on December 16, valuing the company at roughly Rs 15,085 crore, compared with its peak stock price of Rs 100.40 reached in December last year.

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