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Ola Electric Mobility share price continued to decline, falling nearly 4.29% to ₹31.49 apiece on NSE in Thursday's trading session after promoter Bhavish Aggarwal sold additional stakes worth ₹142 crore on Wednesday.

Ola Electric shares have fallen nearly 12% in last five sessions and over 24% in a month. Looking at the share price trend, Ola Electric stock is down 59% from the IPO price band of ₹76.

Bhavish Aggarwal, the founder and promoter of Ola Electric Mobility, offloaded another 4.2 crore shares on Wednesday, December 17, after selling 2.6 crore shares a day earlier.

The company had previously clarified that these sales were intended to completely repay a ₹260 crore loan at the promoter level. Together, the two transactions completed so far amount to a total value of ₹234 crore.

Ola Electric founder Bhavish Aggarwal has carried out a partial monetisation of his personal equity stake to fully clear all promoter-level share pledges amounting to ₹260 crore.

The pledge release was executed through a mix of selling a small portion of promoter holdings and utilising other personal income sources. As a result, 3.93% of the previously pledged shares have been fully freed, leaving the founder-promoter completely debt-free.

(This is a developing story)

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.

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