India, Sept. 5 -- Shares of Ola Electric slumped as much as 6% to INR 60.70 during the early trading hours on the BSE today, a day after SoftBank said it has decreased its stake in the company.

The investment arm of SoftBank, SVF II Ostrich (DE) LLC, sold 2.15% stake in the company between July 15 and September 2. Following the share sale, its stake in the Bhavish Aggarwal-led company declined to 15.68% from 17.83% before.

SoftBank is the second-largest shareholder in Ola Electric after founder Bhavish Aggarwal, who held 30.02% in the company at the end of the June quarter.

At 11:00, shares of Ola Electric were trading 5.4% lower at INR 61.06 on the BSE. The company's market capitalisation stood at INR 26,928.12 Cr (around $3 Bn). As m...