South Korean automakers Hyundai Motor and Kia sold about 136 million shares in Ola Electric Mobility on Tuesday, just days after the Indian electric scooter company reported quarterly losses that more than doubled.
Hyundai sold 108.8 million shares at an average price of 50.7 rupees (59 cents), while Kia sold 27.17 million shares at an average price of 50.7 rupees (59 cents). 50.55 per share, according to block trade data on the NSE website. Data showed that Citigroup Global Markets Mauritius purchased 86.15 million shares.
Ola Electric shares fall 3.3%, shares trade on block
The share sale comes as the Bhavish Aggarwal-led company faces multiple crises including operational delays, weak demand and rising competition. Ola shares fell 8.1% on Tuesday, their biggest fall in seven months. Following its listing in August, the stock price has plummeted 42% this year.
Ola’s vehicle booking counting method has also come under greater scrutiny, with local transport officials also conducting raids and impounding vehicles for non-compliance with regulations.
According to stock exchange data, as of March 31, Hyundai Motor held 2.47% stake in Ola, equivalent to approximately 108.9 million shares. Tuesday’s sale could mean the company exits the investment. Kia’s stake in Ola was not immediately known as stakes of less than 1% are not typically disclosed to stock exchanges.
Two Korean automakers owned by Hyundai Group invested $300 million (approximately Rs. 2,578 crore) in Aggarwal’s joint venture in March 2019. The investment is described as “the largest joint investment to date” and is part of “continuous efforts to become a smart mobility solutions provider.”
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