Mumbai, Dec 17 (IANS) Shares of Ola Electric Mobility Limited were trading close to their 52-week low on Wednesday after founder and promoter Bhavish Aggarwal sold a large chunk of his shares through a bulk deal earlier this week.

The sale has added further pressure on the stock, which has already been under selling pressure for the past few weeks.

In early trade, Ola Electric shares were seen trading around Rs 34.17, down nearly 1 per cent.

The stock has fallen more than 19 per cent over the past one month and has corrected around 41 per cent in the last three months.

It is now hovering close to its 52-week low of Rs 33, according to the official data.

According to an exchange filing, Bhavish Aggarwal sold around 2.6 crore shares as part of a one-time monetisation of a small portion of his personal holding in the company.

The primary purpose of this transaction was to fully repay a promoter-level loan worth Rs 260 crore.

The company clarified that following this sale, all previously pledged shares, amounting to about 3.93 per cent, will be completely released.

“Ola Electric founder-promoter has undertaken a one-time, limited monetisation of a small portion of his personal stake to fully repay a promoter level loan amounting to Rs 260 crore,” the company said in its exchange filing.

“With this, all of the previously pledged 3.93 per cent shares will be released, removing a critical overhang,” it added.

This move removes a key concern that had been weighing on investor sentiment around the stock.

Despite the sale, the promoter group will continue to hold close to 34 per cent stake in Ola Electric, which remains one of the highest promoter holdings among new-age listed companies.

The company also stressed that there is no dilution of promoter control, no change in corporate governance and no impact on its long-term strategy.

It said the transaction was carried out entirely at the promoter’s personal level and does not affect the company’s operations.

–IANS

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