Ola Electric Stock Surges 10% as CEO Bhavish Aggarwal Clears Rs 260 Crore Debt Through Stake Sale

Shares of

ric Mobility Ltd. skyrocketed nearly 10% in early trading on Friday, rebounding from a recent slump after the company's founder and CEO, Bhavish Aggarwal, finalized the sale of a minor slice of his equity stake to settle a personal loan worth around Rs 260 crore. The move has wiped out all outstanding promoter pledges, signaling a clean slate for the electric vehicle pioneer's leadership. The stock, which had been battered by a 17% decline over the prior three sessions amid Aggarwal's phased stake disposals, climbed to Rs 34.38 per share by mid-morning. This marked a welcome reversal for investors, halting the downward spiral that saw the scrip touch a 52-week low of Rs 30.76 on Thursday. In a late Thursday regulatory filing, Ola Electric confirmed that Aggarwal had offloaded enough shares to fully discharge the promoter-level borrowing. The transaction freed up the entire 3.93% of the company's equity that had been pledged as collateral, effectively eliminating any lingering encumbrances on the promoter group's holdings. "The sale represents a deliberate, scheduled step undertaken solely at the promoter's discretion," the company stated in its disclosure. "Post-transaction, the promoter group retains a robust 34.6% ownership in Ola Electric. There is zero dilution in control, and our unwavering focus on long-term growth, operational excellence, and strategic initiatives remains unchanged."