Ola Electric Surges 4% as Bhavish Aggarwal Repays ₹260 Crore Loan, Unpledges Shares

Ola Electric saw its shares climb over 4% to ₹36.10 per share, marking a significant upswing after a challenging period. This surge was primarily driven by the repayment of a nearly ₹260 crore promoter-level loan by CEO Bhavish Aggarwal, which led to the unpledging of 3.93% of the company’s equity. This move, along with the launch of new custom service centers, has worked to rebuild investor confidence.

The loan repayment used proceeds from a recent stake sale, clarifying earlier concerns about Aggarwal consistently reducing his holdings. The move effectively made the promoter shares pledge-free, removing a source of volatility and demonstrating a commitment to the company's financial stability. Even after the sale, the promoter group still holds a substantial 34.6% ownership, showing continued dedication to the electric vehicle manufacturer.

Adding to the positive sentiment, Ola Electric unveiled its new ’Hyperservice Centres’. These upgraded facilities promise same-day service guarantees at no extra cost, starting with a rollout in Bengaluru and eventually nationwide. These centers aim to resolve customer service challenges, offering a fully digital process, dedicated lounges, and transparent tracking of repairs. This initiative seeks to transform customer experience from a potential pain point into a key advantage.

The company's focus on improving customer service and strengthening its financial foundation comes as the broader market watches the electric vehicle sector closely. This strategic double-play is designed to reassure investors and users that Ola Electric is focused on long-term growth and operational excellence, potentially setting a new standard for after-sales support in the Indian EV market.