Asset management firm BlackRock purchased nearly 26 lakh shares of electric vehicle maker Ather Energy in an open-market transaction valued at ₹445.3 crore, according to NSE data. The shares were acquired at ₹1,713.02 apiece, a 2.1% premium to the stock’s previous closing price. The purchase coincided with Ather’s addition to the MSCI India domestic small cap index and followed the company’s launch of the Konarc escooter, which is priced at ₹99,999 for the entry-level model, inc42.com reported.
BlackRock made the acquisition through BlackRock Global Funds, buying 25.9 lakh shares on the same day Ather’s stock hit an intraday high of ₹1,704.1. The new Konarc escooter, unveiled at Ather’s annual Community Day, is built on the company’s EL platform and offers an IDC range between 100 km and 200 km across its S and Z product lines. The event also introduced an advanced electronic braking system and a 450-watt onboard charger, enhancing the vehicle’s features and convenience, inc42.com added.
This transaction is part of a broader rally in Ather’s stock, which has been buoyed not only by the new product launch but also by improving financials and strategic investments. Recently, Hero MotoCorp increased its stake in Ather by 3%, investing up to ₹1,758 crore. Following these developments, brokerage Emkay Global Financial Services raised its target price for Ather shares by 37.5% to ₹2,200 from ₹1,600, reflecting growing investor confidence in the company’s prospects, inc42.com noted.
Ather Energy’s stock performance and investor interest remain strong, with the company’s inclusion in the MSCI India domestic small cap index marking a milestone. The next significant market update will come with Ather’s quarterly earnings report, which investors will closely monitor to assess the impact of recent product launches and investments on the company’s financial trajectory.