According to reports, Bhavish Aggarwal has put in around 20 crore in cash to maintain collateral for loans backed by Ola Electric shares.
As the stock fell 65% from its peak, he added ₹20 crore in cash instead of pledging more shares. Around 8% of his 30% stake remains pledged.
Kuch toh gadbad lag rahi hai… Anyone tracking?
Not completely sure what is happening with Ola, but if banks see the value of the stocks falling, they would want to sell it, thus biting into the stake of shareholder. Ola has made big promises, but is falling short every time. The rookie mistake is overpromising, and being loud about everything. If the focus was on value delivery and not getting attention, then Ola could have been a real winner. The CEO needs to be changed to really move the market sentiment towards the company. Unless Bhavish goes, Ola will not be able to survive in the long run as people don’t hate Ola, they hate him.
OLA’s management is pathetic, I have worked with them in the ground level so I know how they are… The concept of feedback in the company is obsolete. The top management would push things just on whim, ignoring ground level feedback only to close that thing in the future and take on huge losses. Not to mention the rampant rigging of growth numbers when it suits them… So stay cautious.