Ola Electric Mobility CEO Bhavish Aggarwal now worth Rs 21K crore as stock price doubles 

Ola Electric Mobility CEO Bhavish Aggarwal, who owns 30.02 per cent stake in the Dalal Street debutant, is worth about Rs 21,000 crore on Tuesday, as the stock doubled from the IPO issue price. Aggarwal held 1,32,39,60,029 shares in Ola Electric Mobility post the issue. At day's high, Aggarwal's stake in Ola was worth Rs 20,856 crore or $2.48 billion at the rupee-dollar exchange rate of 83.87. 

To recall, Aggarwal also sold 37,915,211 Ola Electric Mobility Ltd shares in the offer for sale at Rs 76 a piece, worth Rs 288 crore. Adding the Ola stake sale, he was worth Rs 21,144 crore today.

"Despite our conservative view on EV penetration in India along with other uncertainties, we believe Ola is worth investing in," HSBC recently said while initiating coverage on Ola Electric with a 'Buy' rating. 

But within few days since the report was released on August 15, Ola Electric Mobility shares breached the HSBC's Rs 140 target with ease. On Tuesday, the stock climbed 7.87 per cent to hit a high of Rs 157.53 on BSE. This is 107 per cent higher than the IPO issue price of Rs 76.

HSBC said Ola’s battery venture could be a success, which can enable it to at least make batteries at the same price of imported batteries. In a blue sky scenario, Ola will be able to manufacture batteries at a global quality and yield level that cost around $15-20 lower per KWH, it said.

Besides, it said the existing regulatory support is likely to stay for two to three years. By then, the cost to manufacture (BOM) an e2W may come down by Rs 30,000-40,000 to Rs 70,000-75,000. 

"This would make EVs competitive with traditional internal combustion engine (ICE) scooters even without subsidies which we assume will fall from Rs 40,000 to Rs 10,000 over the same period," it said.

The Bengaluru-based Ola Electric Mobility was founded in 2017. It is a pure-play electric vehicle player that primarily manufactures electric vehicles and certain core components for electric vehicles such as battery packs, motors, and vehicle frames at the Ola Futurefactory.