Hyundai Motor sold its entire stake in Indian carmaker Ola Electric, while fellow South Korean carmaker Kia reduced its holding, in a combined share sale totalling 6.89 billion Indian rupees ($80 million), according to stock exchange data. Hyundai sold its 2.47 per cent stake in the company for 50.70 rupees, while Kia sold 0.6 per cent of Ola Electric shares for 50.55 rupees, according to data reported on Tuesday. Kia's ownership in Ola Electric was less than 1 per cent, and the current holding is undisclosed as exchange data does not reveal stakes below 1 per cent. Ola Electric's shares dropped by 8 per cent on Tuesday due to both disposals being sold at a nearly 6 per cent discount to the previous day's closing price. In 2019, Hyundai and Kia made a $300 million investment in Ola, led by Bhavish Aggarwal, to work together on the development of electric vehicles and charging infrastructure. Attribution: Reuters Subediting: M. S. Salama
