Hyundai and Kia exit Ola Electric; sell 3.09% stake worth over ₹689 crore

By: PTI
| Updated on: 04 Jun 2025, 06:43 AM Share via: Hyundai and Kia have offloaded their stake in Ola Electric. <div class="imgWrapper" data-item-event="image_clicked" data-ga-widget="Image Interactions" data-ga-label="https://auto.hindustantimes.com/auto/news/hyundai-and-kia-exit-ola-electric-sell-3-09-stake-worth-over-rs-689-crore-41748999240788.html" data-ga-action="Image Clicked" data-item-element="image" data-item-story-title="Hyundai and Kia exit Ola Electric; sell 3.09% stake worth over ₹689 crore” data-item-target-url=”/auto/news/hyundai-and-kia-exit-ola-electric-sell-3-09-stake-worth-over-rs-689-crore-41748999240788.html” data-item-story-segment=”Others”> Hyundai and Kia have offloaded their stake in Ola Electric. View Personalised Offers on Check Offers South Korean automaker Hyundai Motor Company on Tuesday exited Ola Electric Mobility by selling its entire 2.47 per cent stake in the company for ₹552 crore through an open market transaction. According to the bulk deal data available on the NSE, Hyundai Motor Company sold more than 10.88 crore shares or a 2.47 per cent stake in Bengaluru-based Ola Electric Mobility. The shares were disposed of at an average price of ₹50.70 apiece, taking the transaction value to ₹551.96 crore. In a separate transaction, Kia Corporation, a part of global Hyundai-Kia Automotive Group, also offloaded over 2.71 crore shares, representing a 0.62 per cent stake in Ola Electric Mobility. The shares were sold by Kia Corporation at an average price of ₹50.55 per share, taking the deal value to ₹137.35 crore. Meanwhile, Citigroup Global Markets Mauritius purchased over 8.61 crore shares, amounting to a 1.95 per cent stake in electric two-wheeler company Ola Electric Mobility for ₹435 crore. The shares were acquired at an average price of ₹50.55 apiece. This took the deal value to ₹435.47 crore. Details of the other buyers of Ola Electric Mobility’s shares could not be ascertained on the National Stock Exchange (NSE). The scrip of Ola Electric Mobility declined 7.58 per cent to close at ₹49.61 apiece on the NSE. Last week, Ola Electric reported a consolidated net loss of ₹870 crore for the fourth quarter ended March 31, 2025, while noting that it is targeting profitability in the current fiscal. The company had reported a net loss of ₹416 crore in the January-March quarter of the 2023-24 fiscal. The revenue from operations declined to ₹611 crore compared to ₹1,598 crore in the year-ago period, the company said. For FY25, the company reported a net loss of ₹2,276 crore against ₹1,584 crore in the 2023-24 fiscal. Its revenue from operations declined to ₹4,514 crore against ₹5,010 crore in FY24, it added. Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 04 Jun 2025, 06:43 AM IST
Source: hindustantimes.com