Hyundai 526s19 Kia Sell Stake in Ola Electric, Exacerbating Share Slump

Hyundai held a 2.47 percent stake, or about 108.9 million shares, in Ola as of March 31, according to stock exchange data. eo3k

By Alisha Sachdev, Bloomberg News | Updated: 4 June 2025 17:05 IST

Hyundai, Kia Sell Stake in Ola Electric, Exacerbating Share Slump

Photo Credit: Reuters w1s36

Ola’s shares slumped 8.1 percent on Tuesday, the most in seven months

Highlights

Ola has also been under increased scrutiny
Citigroup Global Markets Mauritius bought 86.15 million shares
Hyundai and Kia invested $300 million in Ola in March 2019

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South Korean automakers Hyundai Motor and Kia sold about 136 million shares in Ola Electric Mobility on Tuesday, just days after the Indian e-scooter firm posted quarterly losses that had more than doubled.

While Kia sold 27.17 million shares at Rs. 50.55 a share, according to bulk deals data from the NSE website. Citigroup Global Markets Mauritius bought 86.15 million shares, the data show.

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The share sale comes as the Bhavish Aggarwal-led firm faces multiple crises, marred by operational delays, weak demand and rising competition. Ola's shares slumped 8.1 percent on Tuesday, the most in seven months. This pushed this year's plunge to 42 percent, after a blockbuster listing in August.

Ola has also been under increased scrutiny over its method of counting vehicle bookings as well as seen raids and vehicle seizures by local transport officials for lapses in regulatory compliances.

Hyundai held a 2.47 percent stake, or about 108.9 million shares, in Ola as of March 31, according to stock exchange data. Tuesday's sale could mean it exited the investment. Kia's shareholding in Ola wasn't immediately known as stakes of less than one percent aren't typically disclosed to stock exchanges.

Ola Electric's Quarterly Loss Widens to Rs. 870 Crore

The two Korean automakers, which are part of the Hyundai Group, had invested $300 million (roughly Rs. 2,578 crore) in Aggarwal's venture in March 2019. The investment, touted as their “biggest combined investment till date,” was part of the “continued efforts to become a Smart Mobility Solutions Provider.”

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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