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.
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