Ola Electric drops 5% as promoter pledges 10.7 crore shares for Krutrim Data

Shares of Ola Electric Mobility Ltd declined 4.52 per cent in Thursday's trade to hit a day low of Rs 56.57 after the company disclosed that its promoter had pledged 10.71 crore equity shares, representing 2.43 per cent of the company's equity capital.

According to the regulatory filing, these pledged shares constitute 8.09 per cent of the promoter's holdings in the EV maker. The pledge has been created in favour of Axis Trustee Services Ltd, acting on behalf of multiple lenders, including Avendus Structured Credit Fund II, Avendus Finance Pvt Ltd, Incred Credit Opportunities Fund I & II and India Credit Opportunities Fund II.

The filing noted that the pledge replaces an earlier non-disposal undertaking (NDU) created over the same shares. The NDU had been disclosed earlier to stock exchanges on December 2, 2024, and March 6, 2025.

The company added that during the transition period, the encumbrance may temporarily appear twice in depository and stock exchange records until the NDU is fully released and systems are updated.

The pledged shares are intended to secure debentures issued by Krutrim Data Centre Pvt Ltd, a group company.

Separately, BSE recently sought clarification from the company following a media report titled "Ola Electric's financial controls under scrutiny as auditor flags material weakness in inventory controls."

In its response, the Bengaluru-based electric vehicle maker said, "We wish to inform you that the information pertaining to Internal Financial Controls is already disclosed in the Consolidated Independent Auditor's Report issued by M/s B S R & Co. LLP, Statutory Auditors, which forms part of the Annual Report of the Company and was duly submitted to the Stock Exchanges on July 31, 2025."

Founded in 2017, Ola Electric manufactures electric two-wheelers and components such as battery packs, motors and frames at its Ola Futurefactory. As of June 2025, promoters held a 36.78 per cent stake in the company.