Carnelian Asset Management and Advisors, led by founder Vikas Khemani, decided to sell its investment in Ola Electric shortly after participating in the company's IPO. The fund manager made this decision because they realized that the expected returns, which were initially projected to be achieved over three years, were actually achieved within a week. This was due to the stock price surging by almost 100% before subsequently declining by nearly 50%.

Khemani had previously expressed optimism about Ola Electric, highlighting its significant market share of 35-40% and the upcoming launch of new vehicles. He also mentioned that the company is expected to become profitable this year, positioning it as a potential major player in the automobile sector.

In addition to Ola Electric, Carnelian has diversified its portfolio by investing in Hyundai Motors and Spicejet. Hyundai Motors is seen as a strong investment in domestic consumption and exports, while Spicejet is considered a promising turnaround opportunity based on its capital structure.