ET NEWS

Japan's SoftBank Group sold a 2.15% stake in Indian electric scooter maker Ola Electric over two months, reducing its holding to 15.68% from 17.83%, an exchange filing showed on Thursday."SVF II OSTRICH (DE) LLC has disposed of an aggregate of 94,943,459 equity shares of Ola Electric Mobility Limited in a series of disposals undertaken between July 15, 2025 and September 2, 2025, with the disposal on September 2, 2025 breaching the 2% threshold specified in Regulation 29(2) of the SEBI Takeover Regulations," an Ola Electric filing to the exchanges said.As of June 30, 2025, SoftBank, through SVF II OSTRICH (DE) LLC, held 17.83 crore shares in Ola Electric, representing over 78.65 crore equity shares.While the company disclosed the development minutes before the market closing time, shares of Ola Electric today fell 7% to end at Rs 64.49 on the NSE. The selling pressure was also on account of the cut in the Goods and Services Tax (GST) on two-wheelers with engine capacity up to 350 cc to 18% from 28%. While the move is aimed at increasing the sales of two-wheelers with ICE engines in the country, it is being seen to have a significant sentimental impact on the sales of electric two-wheelers, while the real impact will be seen in due course.Ola Electric shares have staged a sharp recovery, ranking among the best-performing new-age stocks in recent weeks. From its 52-week low of Rs 39.60 on July 14, the stock has surged nearly 73% as of Wednesday. The company’s approval under the government’s Production Linked Incentive (PLI) scheme reignited investor interest and fueled a strong rally.The Automotive Research Association of India (ARAI) has cleared Ola’s Gen 3 S1 scooter range under the Ministry of Heavy Industries’ PLI framework.With this certification, Ola becomes eligible for incentives ranging between 13% and 18% of sales value through 2028. Importantly, the approval covers all seven Gen 3 S1 variants, which together contribute to more than half of the company’s total sales.