Hyundai Motor, Kia exit Ola Electric after selling entire stake for Rs 690 crore

Hyundai Motor and Kia Corporation have fully exited their stakes in Ola Electric Mobility, selling shares worth a combined Rs 690 crore through block deals, according to NSE bulk deal data.

According to bulk deal data from the National Stock Exchange, Hyundai sold 10.88 crore shares at Rs 50.70 apiece, amounting to Rs 552 crore, while Kia offloaded 2.71 crore shares at Rs 50.55 each, totaling Rs 138 crore. As of March 31, Hyundai held a 2.47% stake in Ola Electric, while Kia’s ownership stood at 0.62%.

Citigroup Global Markets Mauritius emerged as a key buyer in the transaction, picking up over Rs 435 crore worth of shares at a 6% discount to Monday's closing price. Citigroup acquired 8.61 crore shares at Rs 50.55 per share—well below Monday’s close of Rs 53.69.

The timing of the exit coincides with growing scrutiny over Ola Electric’s financial performance. The company reported a consolidated net loss of Rs 870 crore in the March quarter, more than double its Rs 416 crore loss in the year-ago period. Quarterly revenue slumped by over 60% to Rs 611 crore, down from Rs 1,598 crore.

For the full financial year, Ola Electric’s net loss widened to Rs 2,276 crore, up from Rs 1,584 crore in FY24, while annual revenue declined to Rs 4,514 crore from Rs 5,010 crore. As of Wednesday, Ola Electric’s market capitalization had dropped to Rs 21,882 crore (around $2.57 billion), far from its highs during its much-anticipated IPO earlier in the fiscal year.