Hyundai Motor has sold its entire 2.47% stake in India’s Ola Electric, while fellow automaker Kia Corporation trimmed its holding by 0.6% in a combined share sale worth 6.89 billion rupees ($80 million), according to exchange data on Tuesday.
Hyundai sold 10.88 crore shares at 50.70 rupees each, raising 5.52 billion rupees.
Kia sold 2.71 crore shares at 50.55 rupees each, worth 1.38 billion rupees. Kia’s current stake is now below 1%, which is not disclosed by exchange data.
Ola Electric’s shares fell 8% on Tuesday after the sales, trading nearly 6% below Monday’s closing price. The stock ended at 49.33 rupees, down 8.12%, continuing a decline of 46% since its public listing in August 2024.
Citigroup Global Markets Mauritius bought over 8.61 crore shares at 50.55 rupees each, spending about 4.35 billion rupees in a large block deal.
Despite the sharp fall, Ola Electric’s shares gained 1.07% to 49.86 rupees on Wednesday, showing some recovery.
The stake sale came after Ola Electric reported weak results for the March quarter. The company posted a consolidated net loss of 870 crore rupees, wider than the 416 crore rupees loss a year ago. Revenue dropped to 611 crore rupees from 1,598 crore rupees.
For the full financial year 2025, Ola Electric’s net loss was 2,276 crore rupees, with revenue falling to 4,514 crore rupees from 5,010 crore rupees in the previous year.
Hyundai and Kia had invested $300 million in Ola Electric in 2019 to work on electric vehicles and charging infrastructure.
The Bengaluru-based company faces challenges including slowing sales, regulatory pressure, and tough competition from established two-wheeler makers. It has also been offering steep discounts to stay competitive.
