New Delhi: Bhavish Aggarwal, founder and promoter of Ola Electric Mobility Ltd., sold shares worth Rs 92 crore through open market transactions on Tuesday. Aggarwal, who serves as the chairman and managing director of the electric two-wheeler company, sold 2.6 crore equity shares at Rs 34.99 each, according to bulk deal data from the National Stock Exchange. The buyers of the stock could not be ascertained.

As of September, Aggarwal held a 30.02% stake in the company, of which 10.11% was pledged with lenders and 66.63% was locked in, according to BSE shareholding data. He had previously sold 3.8 crore shares through an initial public offering in August last year at Rs 76 per share.

Why did Bhavish Aggarwal sell the shares?

Ola Electric described the transaction as “a one-time, limited monetisation” of a small portion of Aggarwal’s personal stake, aimed at fully repaying a promoter-level loan amounting to Rs 260 crore.

The company stated, “With this, all of the previously pledged 3.93% shares will be released, removing a critical overhang. Post the transaction, the promoter group would continue to hold approximately 34% in Ola Electric, among the highest across new-age listed companies.”

Ola Electric emphasised that there is no dilution of promoter control.

“The deal 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. The transaction is being executed entirely at the promoter’s personal level and would have no impact on Ola Electric’s operations, governance, or strategic direction,” the statement said.

How did the market react?

Earlier on Tuesday, Ola Electric’s share price ended 8.5% lower at Rs 34.48 per share, compared to a 0.6% decline in the Nifty 50 benchmark index. The stock has fallen 60% year-to-date and recently touched an all-time low of Rs 33.2.