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Shares of Ola Electric Mobility saw a sharp rebound on Wednesday, December 17, a day after a steep fall. The stock jumped as much as 4.8 per cent to an intraday high of Rs 36.16 on the BSE, as investors reacted to clarity around a promoter-level bulk deal.

Ola Electric shares touched an intraday high of Rs 36.17 on Wednesday. Later, some profit booking was seen. At around 12:03 pm, the stock was trading 1.42 per cent lower at Rs 33.99.

On a year-to-date basis, Ola Electric shares are down 58 per cent. Over the past 12 months, the stock has declined 63 per cent.

The recovery came after founder-promoter Bhavish Aggarwal sold over 2.6 crore equity shares of the company in a bulk deal. The transaction involved around 0.6 per cent of the company’s equity and was valued at nearly Rs 92 crore. The sale was carried out to repay promoter loans and release pledged shares.

In a statement, the company said the founder has undertaken a one-time and limited monetisation of a small portion of his personal stake. The objective was to fully release promoter-level share pledges worth about Rs 260 crore. As part of this process, the earlier pledged 3.93 per cent shares have now been completely unpledged, making the founder-promoter debt free.

Despite the stake sale, the promoter group’s holding will remain above 34 per cent. The company said this continues to be among the strongest promoter holdings within listed new-age companies. It also clarified that there is no plan for any fresh promoter pledging going forward. The earlier pledge was linked to AI startup Krutrim, which the company said has now emerged as a cloud infrastructure player and is cash-flow positive.