Ola Electric block deal: Citigroup buys shares worth Rs 435 crore; Hyundai Motor, KIA sellers
Citigroup acquired over 8.61 crore shares in Ola Electric for Rs 435 crore as Hyundai and Kia exited. The block deal triggered a sharp 8% drop in share price amid poor earnings.
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Citigroup bought over 8.61 crore shares worth Rs 435 crore in Ola Electric Mobility on Tuesday via a block deal in which Hyundai Motor Company and KIA Corporation were sellers.Citigroup bought shares through its arm Citigroup Global Markets Mauritius Pvt Ltd at a price of Rs 50.55 apiece which was 6% lower from the Monday closing price of Rs 53.69.Hyundai Motor which held 2.47% stake representing over 10.88 crore shares in Ola Electric as on March 31, 2025 today sold its entire stake in the company at a price of Rs 552 crore. Meanwhile, KIA Corporation sold over 2.71 crore shares at a price of Rs 50.55 a piece at a total cost of Rs 137 crore.The block deal triggered a sell-off in Ola Electric shares which closed at Rs 49.33, down by Rs 4.36 or 8.12%.The stock has been under sustained selling pressure in recent months. Shares have declined 46% over the past six months, 11.4% in the last three months, and 4.1% in the past week, though they have risen 3.7% over the past month.The sell-off comes on the heels of disappointing quarterly results. On Thursday, Ola Electric reported a consolidated net loss of Rs 870 crore for the quarter ended March 2025, widening from Rs 416 crore in the same period last year. Revenue from operations dropped sharply to Rs 611 crore, down from Rs 1,598 crore in the year-ago quarter, the company said in a regulatory filing.For the full financial year, the company posted a net loss of Rs 2,276 crore, compared with Rs 1,584 crore in FY24. Operating revenue declined to Rs 4,514 crore from Rs 5,010 crore a year earlier.Despite the weak numbers, Ola Electric had reaffirmed its commitment to turning profitable. 'FY26 will be focused on scaling revenue and operating leverage as the company marches towards sustainable profitability,' it had said.Also Read: Tata Technologies block deal: TPG to sell 2.1% stake, floor price likely at Rs 744.5 per share: Report
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