Shares of Ola Electric slumped as much as 6% to INR 60.70 during the early trading hours on the BSE today, a day after SoftBank said it has decreased its stake in the company.
The investment arm of SoftBank, SVF II Ostrich (DE) LLC, sold 2.15% stake in the company between July 15 and September 2. Following the share sale, its stake in the Bhavish Aggarwal-led company declined to 15.68% from 17.83% before.
SoftBank is the second-largest shareholder in Ola Electric after founder Bhavish Aggarwal, who held 30.02% in the company at the end of the June quarter.
At 11:00, shares of Ola Electric were trading 5.4% lower at INR 61.06 on the BSE. The company’s market capitalisation stood at INR 26,928.12 Cr (around $3 Bn). As many as 25.5 Cr shares were traded by then.
Despite the fall today, the stock is up nearly 45% in the last month. However, it is down 29% on a year-to-date basis.
(The story will be updated soon.)
The post Ola Electric Slumps 6% After SoftBank Dilutes Stake appeared first on Inc42 Media.
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