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Ola Electric Shares Plunge 25% in 10 Sessions as CFO Exits

Ola Electric's shares plunged over 7% on Tuesday following the resignation of its CFO Harish Abichandani, extending its losing streak to ten consecutive sessions. The stock has tanked nearly 25% during this period, reflecting sustained bearish pressure and weak market sentiment. The company has appointed finance veteran Deepak Rastogi as the new CFO amid a broader trend of senior management exits. Analysts note the stock is entrenched in a downtrend, trading below all key moving averages with a negative bias expected to continue.

Key Points: Ola Electric Shares Crash 25%, CFO Resigns

  • CFO Harish Abichandani resigns
  • Shares fall for 10 straight sessions
  • New CFO Deepak Rastogi appointed
  • Stock down over 25% in period
  • Senior management exodus continues
2 min read

Ola Electric's shares down for 10th straight session, tanks over 25 pc

Ola Electric stock plunges over 7% after CFO resignation, marking a 25% drop in 10 sessions amid weak market sentiment and senior exits.

"Ola Electric continues to remain under strong bearish pressure... losing nearly 25 per cent - Market Analyst"

Mumbai, Jan 20

Indian electric vehicle maker Ola Electric Mobility Limited's shares plunged more than 7 per cent on Tuesday after the company said its Chief Financial Officer Harish Abichandani had resigned and appointed Deepak Rastogi as his successor.

"The Board approved the appointment of Deepak Rastogi as Chief Financial Officer of the Company, who would also be Key Managerial Personnel and part of Senior Management Personnel with effect from January 20, 2026," the company said in an exchange filing.

The stock fell to Rs 32.92 as of 2:25 pm, down Rs 2.81 or 7.86 per cent, marking the biggest intra-day drop since December 16, 2025. The decline came amid a broader market dip as the Nifty was at 25,378.10, down 0.81 per cent.

The dip on Tuesday extended a run of losses for the EV maker, with shares falling for 10 straight sessions.

"Ola Electric continues to remain under strong bearish pressure, extending its decline for the 10th consecutive session and losing nearly 25 per cent over the same period, highlighting sustained distribution and weak market sentiment," an expert stated.

"On the daily chart, the stock is firmly entrenched in a downtrend, trading below all key moving averages," as per the analyst.

The sharp selling also came with increased trading volumes at roughly 1.3 times its 30‑day average volume. Minor upticks have occurred on comparatively lower volumes which is a sign of weak buying interest and absence of strong accumulation, expert noted.

"As long as Ola Electric remains below the 40-43 zone and fails to close above the short-term moving averages, the overall bias is expected to stay negative, with rallies likely to be sold into rather than sustained," the analyst added.

Ola Electric's market capitalisation stood at Rs 14,736.58 crore.

The announcement followed a string of senior management exits at Ola Electric in recent months, including the head of cell operations, the chief marketing officer and the chief technology officer.

Abichandani said he was stepping down for "personal reasons", according to the regulatory filing. The company said the new CFO Deepak Rastogi is a finance veteran with over 30 years of experience across capital‑intensive sectors including automotive, manufacturing and chemicals.

- IANS

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Reader Comments

S
Sarah B
As an early investor, this is painful to watch. The product (the scooter) is actually quite good, but constant management churn destroys stability. The market is punishing them for the internal chaos. They need to focus on execution, not just headlines.
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Rohit P
Yaar, 10 straight sessions down! 😬 This is what happens when you promise the moon during IPO and then reality hits. Service issues are still there, and now the brains are leaving. Deepak Rastogi has experience, but can he fix the core problems? Doubtful.
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Priya S
Feel bad for the employees and the vision of Indian EV. But the management exodus tells its own story. Hope they turn it around. We need strong Indian champions in this space, not just Tesla and Chinese companies.
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Michael C
The technical analysis says it all: "trading below all key moving averages" and "weak buying interest". This isn't a blip, it's a sustained downtrend. Until they show consistent quarterly profits and stop the senior exits, the stock will keep bleeding.
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Kavya N
My brother bought an Ola S1 Pro and loves it. The company's performance on the stock market doesn't always reflect the product quality. However, as a potential future buyer, this news makes me hesitant. Stability matters for long-term service and warranty.

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