Ola Electric shares surged nearly 10% after CEO Bhavish Aggarwal sold a part of his stake to repay a Rs 260 crore loan and remove promoter pledges.
Ola Electric shares jumped nearly 10 percent on December 19 after the company announced that its promoter and CEO Bhavish Aggarwal has completed the sale of a small portion of his personal shareholding to repay a loan worth Rs 260 crore.
The company clarified that the stake sale was carried out to repay the loan and remove all promoter pledges. Following this announcement, investor sentiment improved, leading to a sharp rise in Ola Electric’s stock price during the trading session.
Market participants reacted positively to the development, as the removal of promoter pledges is generally seen as a strong corporate governance signal. The move is expected to strengthen confidence among investors and stakeholders.