Ola Electric Mobility shares fell as much as 9% to ₹38.65 on the NSE on Friday, September 25, after four consecutive sessions of gains. The stock had surged 13% through Thursday, September 24 on a closing basis, buoyed by earlier optimism. The decline follows the exchange filings released on Wednesday evening, which highlighted the company’s upcoming board meeting to consider a rights issue. Investors reacted to the news of a potential capital raise, prompting a sharp pullback in the stock price. The 9% drop brings the share price below its recent highs, marking a significant reversal in momentum.

The board of directors is scheduled to convene on Monday, September 28, 2026, to deliberate on the proposed rights issue of equity shares. Ola Electric has formally informed the stock exchanges that it seeks board approval for this capital raise, allowing participation by all eligible shareholders, including retail, institutional and promoter groups, in accordance with applicable laws. The proposal is subject to necessary approval and regulatory compliance before it can be executed. The company’s filing also reiterated that the rights issue route is being considered to enable broad shareholder participation.

Ola Electric had earlier received an enablement to raise up to ₹1,500 crore, of which ₹780 crore was already raised through the June 2026 qualified institutional placement (QIP). The company has now chosen the rights issue route for its capital raise, with the proposal pending board approval. This move follows the earlier QIP and aims to secure additional equity capital from the market. The rights issue would allow all eligible shareholders to participate, potentially diluting existing holdings but providing the company with fresh funds to support its growth plans.

The promoter group, led by Chairman and Managing Director Bhavish Aggarwal, holds approximately 32.97% of Ola Electric and is expected to participate in the proposed rights issue. A banking source tracking the development noted that the capital raise could place the company on a path to cash breakeven without further funding in the near future. The participation of the promoter group would align their interests with those of other shareholders, potentially strengthening the company’s capital structure once the rights issue is approved.

In August, Ola Electric unveiled an ambitious expansion of its ‘Shakti’ energy storage portfolio, announced on India’s 80th Independence Day. Built around indigenous LFP battery technology and the company’s vertically integrated cell‑to‑system capabilities, Shakti offers a single architecture across three markets: home energy with Shakti Gen2, commercial and infrastructure energy with Shakti Rack, and industrial and utility‑scale energy with Mahashakti. Chairman and Managing Director Bhavish Aggarwal said the platform extends the company’s battery innovation from the home to the grid, helping India store and use clean energy intelligently. Shakti Gen2 combines battery backup, intelligent energy management and solar storage in one residential system.