Ola Electric shares slumped by 6 per cent on Friday morning following SoftBank’s cutting its stake to almost 15 per cent.
Japan-based Softbank sold 2 per cent of its stake in the EV two-wheeler maker via open-market transactions in the course of the past seven weeks, cutting its shareholding to 15.68 per cent.
SVF II Ostrich (DE) LLC, SoftBank’s investment arm, sold 94.9 million equity shares of Ola Electric between July 15 and September 2 this year, according to a mandatory SEBI disclosure.
The transaction led to Softbank now holding 691.6 million shares or a 15.68 per cent stake versus the earlier 786.6 million shares or 17.83 per cent stake.
The market seems not to have taken this new development positively. Before 12 noon itself, Ola Electric shares hit an intraday low of Rs 60.34 apiece from yesterday’s close of Rs 64.50 per share in the NSE. Its market share took a hit, to an estimated Rs 28,490 crore.
Despite the dismal performance of the Bhavesh Aggarwal-led EV automaker, Indian equities rallied in morning trade on the positive GST rate cuts and a better global climate. However, the gains did not last long, as it returned to red around noon.
The 30-pack BSE Sensex slid 379 points to 80,338.92 while the 50-share NSE Nifty slumped 102 points to 24,832.35, cutting the early rally gains. Software and SAAS titans ITC, TCS, HCL Tech, Infosys, and Tech Mahindra were the worst of the losers in the Sensex.
Foreign investors (FIIs) offloaded Rs 106.34 crore worth of equities on Thursday, while domestic investors (DII) bought Rs 2,233.09 crore worth of stocks. This led to the Sensex settling 150.30 points and the Nifty closing 19.25 points higher.