SoftBank has sold another chunk of its holdings in Ola Electric Mobility. It is the latest step in an exit that began in mid-2025.
In a filing to the NSE and BSE dated October 26, SVF II Ostrich (DE) LLC, a SoftBank Vision Fund vehicle, said it sold 5.55 crore equity shares and 1.12 crore rights entitlements on the open market between January 6 and October 22. Its holding fell to 54.15 crore shares, or 11.70 percent of the company, from 59.70 crore shares (12.90 percent). The filing covers sales spread over about ten months, not a single trade.
The selling has continued since. The fund sold about 82.93 lakh entitlements at ₹3.64 apiece on October 22 and another 38.08 lakh at ₹2.28 on October 23. On Monday it sold 2.37 crore more at ₹1.32 each. The falling prices suggest weak demand for the entitlements.
The rights issue is priced at ₹27 per share in a 2:25 ratio and aims to raise ₹999.74 crore. It opened on October 22 and closes on October 30. It stood at 0.38 times subscribed on Monday afternoon. Motilal Oswal entities applied for 2.39 crore shares on day one.
SoftBank's retreat began in 2025. Between July 15 and September 2, 2025, it sold 9.49 crore shares, cutting its stake from 17.83 percent to 15.68 percent. A second round, between September 3, 2025 and January 5, 2026, took it to 13.53 percent. Counting the latest sales, SoftBank's share count has fallen from about 78.65 crore to 54.15 crore, nearly a third. Stake percentages differ across filings because Ola's total share capital has changed.
SoftBank has not given reasons. Ola's business troubles are well documented. Its electric two-wheeler market share fell to 16.1 percent in 2025 from 36.7 percent a year earlier. For the September 2025 quarter it reported a net loss of ₹418 crore, with revenue down 43 percent. Early backers such as Z47, Tiger Global, and Alpha Wave Ventures have also trimmed holdings.
Ola Electric's shares have had a rough three months. Between July 27 and October 23 the stock fell nearly 20 percent, with a period high of ₹44.55 and a low of ₹29.53. It closed Friday at ₹29.93. It slipped 2.9 percent to ₹34.64 on October 13, the day it began trading ex-rights. By October 22, when the issue opened, it was at ₹31.94.
The stock bounced on Tuesday. It was trading at ₹33.19, up about 10.9 percent, in morning trade. No reason was given for the rise. The shares remain well below the ₹76 IPO price of August 2024, though above the 52-week low of ₹22.25 hit on March 16.
We will watch the issue's final subscription on October 30 and see whether SoftBank keeps selling. It has been the second-largest external shareholder after founder Bhavish Aggarwal, and still holds a sizeable stake.
