Hyundai, Kia offload ₹690 crore stake in Ola Electric amid losses, falling revenue
Mumbai: Hyundai Motor and Kia Corporation sold shares worth nearly ₹690 crore in electric two-wheeler manufacturer Ola Electric through open market transactions on Tuesday, according to data released by the National Stock Exchange.
Hyundai sold 108 million shares at ₹50.70 each, amounting to ₹551.9 crore, while Kia offloaded 27 million shares at ₹50.55 apiece for ₹137.3 crore, The Economic Times reported, citing the NSE data.
In the same session, Citigroup Global Markets Mauritius acquired Ola Electric shares worth ₹435.4 crore.
Shares of Ola Electric fell 8% on Tuesday, closing at ₹49.33 on the NSE, reflecting investor concerns over the company’s recent performance and broader challenges in the electric vehicle segment.
The Bengaluru-based firm has been grappling with a series of setbacks.
In the fourth quarter of the last financial year, Ola Electric’s net loss more than doubled to ₹870 crore from ₹416 crore a year earlier.
Operating revenue plunged by nearly 62% to ₹611 crore, as sales of its electric scooters slumped significantly.
Adding to its financial pressures, the company has been facing declining market share, increased regulatory scrutiny, and a prolonged dip in its stock price.
Earlier this month, Ola Electric’s board approved a plan to raise up to ₹1,700 crore through non-convertible debentures and other debt instruments.
This will mark the company’s first major fundraising effort since its IPO in August 2024.
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