Shares of

are set to be in focus on Wednesday after Hyundai Motor and Kia Corporation fully exited their stakes in the EV maker via block deals worth a combined Rs 690 crore, with Citigroup emerging as a key buyer.

According to NSE bulk deal data, Hyundai Motor sold 10.88 crore shares at Rs 50.70 each, amounting to Rs 552 crore, while Kia Corporation offloaded 2.71 crore shares at Rs 50.55 apiece, totalling Rs 138 crore. Hyundai held a 2.47% stake in Ola Electric as of March 31, 2025.

Citigroup Global Markets Mauritius Pvt Ltd purchased over 8.61 crore shares worth Rs 435 crore at Rs 50.55 per share, a 6% discount to Monday’s closing price of Rs 53.69.

The block deals had led to a sharp sell-off in Ola Electric shares, which ended Tuesday at Rs 49.33, down Rs 4.36 or 8.12%. The stock has been under sustained pressure, falling 46% over the past six months, 11.4% over the past three months, and 4.1% in the last week. Despite this, shares have risen 3.7% over the past month.

The stake sale comes shortly after the company reported weak March-quarter results. Ola Electric posted a consolidated net loss of Rs 870 crore for the quarter, widening from Rs 416 crore a year earlier, while operating revenue dropped to Rs 611 crore from Rs 1,598 crore.

For FY25, the EV maker’s net loss stood at Rs 2,276 crore, compared with Rs 1,584 crore in FY24. Revenue for the year declined to Rs 4,514 crore from Rs 5,010 crore.

Still, the company reiterated its goal of achieving profitability. “FY26 will be focused on scaling revenue and operating leverage as the company marches towards sustainable profitability,” Ola Electric said.