New Delhi, Dec. 19 -- Ola Electric Mobility share price hit its 10% upper circuit of Rs.34.40 in intra-day deals on Friday, December 19, after the company confirmed the completion of a one-time, limited monetisation of a portion of the founder's personal shareholding. The exercise was undertaken to fully repay a promoter-level loan of around Rs.260 crore.

The Bengaluru-based EV maker said the transaction led to the release of all 3.93% shares that were earlier pledged, bringing the promoter's pledge in the company down to zero.

"Ola Electric confirms that the promoter has completed the one-time, limited monetisation of a small portion of his personal shareholding. The transaction was undertaken solely to repay a promoter-level loan of a...