India, June 3 -- Shares of Ola Electric slumped as much as 7.05% to INR 49.90 during early trading hours on the BSE today amid report of a block deal in the counter.

While BSE data did not show any bulk deal data, a CNBC TV 18 report attributed the drop to a large block deal involving shares worth INR 731 Cr that took place during the morning session.

The publication cited Hyundai Motor India as the likely seller in the block deal. As per the March shareholding data, Hyundai held a 2.47% stake in Ola Electric.

"Around 14.22 Cr shares exchanged hands at INR 51.4 per share. This implies a discount from the previous session's closing price of INR 53.68 apiece," the report said.

The report added that the traded shares accounted for 3.23% ...