Hyundai Motor sold its entire stake in Ola Electric, while rival South Korean carmaker Kia trimmed its holding, in a combined share sale worth 6.89 billion rupees ($80 million).
Hyundai Motor sold its entire stake in Ola Electric, while rival South Korean carmaker Kia trimmed its holding, in a combined share sale worth 6.89 billion rupees ($80 million), according to exchange data.
Hyundai, which held a 2.47% stake in the company, sold shares at a price of 50.70 rupees, while Kia offloaded 0.6% of Ola Electric shares for 50.55 rupees, the data showed on Tuesday.
Kia held a less than 1% stake in Ola Electric. Its current holding is not known as exchange data does not disclose stakes below 1%.
Ola Electric’s shares slumped 8% on Tuesday as both disposals were at a nearly 6% discount to its closing price on Monday.
Hyundai Motor sold its entire stake in Ola Electric, while rival South Korean carmaker Kia trimmed its holding, in a combined share sale worth 6.89 billion rupees ($80 million), according to exchange data.
Hyundai, which held a 2.47% stake in the company, sold shares at a price of 50.70 rupees, while Kia offloaded 0.6% of Ola Electric shares for 50.55 rupees, the data showed on Tuesday.
Kia held a less than 1% stake in Ola Electric. Its current holding is not known as exchange data does not disclose stakes below 1%.
Ola Electric’s shares slumped 8% on Tuesday as both disposals were at a nearly 6% discount to its closing price on Monday.
Hyundai Motor sold its entire stake in Ola Electric, while rival South Korean carmaker Kia trimmed its holding, in a combined share sale worth 6.89 billion rupees ($80 million), according to exchange data.
Hyundai, which held a 2.47% stake in the company, sold shares at a price of 50.70 rupees, while Kia offloaded 0.6% of Ola Electric shares for 50.55 rupees, the data showed on Tuesday.
Kia held a less than 1% stake in Ola Electric. Its current holding is not known as exchange data does not disclose stakes below 1%.
Ola Electric’s shares slumped 8% on Tuesday as both disposals were at a nearly 6% discount to its closing price on Monday.
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