Ola Electric Founder Sells 2% Stake to Clear Debt, Remove Pledges

• Bhavish Aggarwal sold 2% of his Ola Electric stake (26.25 million shares for Rs 92 crore).
• The sale aims to repay a Rs 260 crore promoter-level loan and release all pledged shares.
• Aggarwal's shareholding reduced from 30.02% to 29.4% after the transaction.
• The move comes amidst Ola Electric's challenging period, including market share decline and financial losses.
• Ola Electric's stock has fallen 70% in the past year, with revenue down 46% and losses widening.

Why It Matters: Aggarwal's stake sale addresses personal debt and share pledges amid Ola Electric's struggles.