Ola Electric shares fell 4% after SoftBank cut its stake to 15.68%.
Tiger Global, Alpha Wave, Hyundai and Kia also pared holdings.
PLI certification for Gen 3 scooters is expected to boost profitability from FY26.
Shares of Ola Electric Mobility dropped as much as 4% September 5, after reports of SoftBank Group paring its holding in the electric scooter maker.
The Japan-based investment firm, Ola Electric’s second-largest shareholder after founder Bhavish Aggarwal, trimmed its stake from 17.83% to 15.68%, selling about 94.9 million shares between mid-July and early September, according to earlier filings cited by ET. The sale price was not disclosed.
The move aligns with a larger trend among early-stage investors recalibrating their exposure across Indian new age companies. In addition to SoftBank, Tiger Global Management’s Internet Fund II lowered its stake in Ola Electric to 3.24% as of June, from 3.45%, while Alpha Wave Ventures also pared holdings. Z47 (formerly Matrix Partners India) exited almost completely, booking around ₹187 crore.
Meanwhile, Hyundai Motor Company and Kia Corporation together offloaded 135 million shares in June, raising ₹552 crore and ₹137 crore, respectively.
The stake sale also came at a time when the stock had been running high after the company secured a regulatory win. Last month, Ola Electric obtained compliance certification under the government’s Production Linked Incentive (PLI) scheme for its Gen 3 scooters, which account for more than half of its sales. The approval allows access to incentives worth 13–18% of sales value until 2028, in addition to existing certification for its Gen 2 line.
The company expects the incentives to materially improve profitability from the second quarter of FY26 onwards. “Securing PLI certification for our Gen 3 scooters, which form the bulk of our sales, is a critical step towards profitability,” an Ola Electric spokesperson said.
The developments come on the back of a bull run for the stock. Despite today’s fall, Ola Electric shares have surged nearly 50% in the past month, supported by optimism around the PLI approval and shareholder nod at its first post-listing AGM to reallocate IPO proceeds and extend deployment timelines.
