HYUNDAI has exited Ola Electric by selling its entire 2.47 per cent stake, while Kia has trimmed its holding by offloading 0.6 per cent, exchange data showed on Tuesday.
Hyundai sold its shares at Rs 50.70 (approximately £0.43 / $0.59) each, and Kia’s shares were sold at Rs 50.55 (approximately £0.43 / $0.59).
Kia earlier held less than 1 per cent in Ola Electric. Its current holding is not known, as exchange filings do not disclose ownership below 1 per cent.
Ola Electric shares fell 8 per cent on Tuesday. The stake sales by Hyundai and Kia were made at nearly 6 per cent below Monday’s closing price.
Hyundai and Kia had jointly invested $300 million (approximately £220.59 million / Rs 34,974 million) in Ola Electric in 2019 to work together on electric vehicle development and charging infrastructure.
The share sales come as Ola Electric faces slowing sales, regulatory scrutiny, and increasing competition from established two-wheeler manufacturers. The company’s shares have declined 46 per cent since its stock market debut in August 2024.
The Bengaluru-based company reported a wider loss in the fourth quarter and forecast a drop in revenue in the current quarter. It has been offering steep discounts in response to rising competition.
(With inputs from Reuters)
