In a notable shift, Hyundai Motor and Kia Corporation have divested their entire stakes in Ola Electric Mobility, exiting with a combined share sale worth Rs 690 crore, according to bulk deal data from the National Stock Exchange (NSE).
Hyundai sold off 10.88 crore shares at Rs 50.70 each, generating Rs 552 crore, while Kia offloaded 2.71 crore shares at Rs 50.55 apiece, cashing in Rs 138 crore. As of the March-end filings, Hyundai and Kia held 2.47% and 0.62% stakes in Ola Electric respectively.
Among the buyers, Citigroup Global Markets Mauritius stood out, scooping up 8.61 crore shares worth Rs 435 crore at Rs 50.55, roughly 6% below Monday’s closing price of Rs 53.69.
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The timing of the exit raises eyebrows, especially with Ola Electric’s financials under increasing pressure. For the March 2025 quarter, the EV maker reported a consolidated net loss of Rs 870 crore, more than double the Rs 416 crore loss from the same quarter last year. Revenue took a nosedive too, falling by over 60% to Rs 611 crore.
On an annual basis, the company’s losses swelled to Rs 2,276 crore in FY25, up from Rs 1,584 crore the previous year. Revenue slipped as well—from Rs 5,010 crore to Rs 4,514 crore.
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Ola Electric’s market value has also taken a hit. Once celebrated in the lead-up to its IPO, the company’s market cap has now fallen to Rs 21,882 crore (approximately $2.57 billion), casting a shadow over its long-term trajectory in India’s growing EV landscape.
