Indian electric vehicle manufacturer Ola Electric Mobility Limited witnessed a more than 7% decline in its shares following the resignation of Chief Financial Officer Harish Abichandani. Deepak Rastogi has been appointed as his successor, effective January 20, 2026, according to an exchange filing by the company.
The stock price fell to Rs 32.92 at 2:25 pm, marking a 7.86% decrease, the largest intra-day drop since December 16, 2025. This decline occurred amidst a broader market downturn, with the Nifty standing at 25,378.10, down by 0.81%.
This recent dip extends a trend of losses for Ola Electric, with shares falling for 10 consecutive sessions. Analysts noted that the company is facing strong bearish pressure, with a sustained decline of nearly 25% over the same period, indicating weak market sentiment and distribution.
The announcement of Abichandani’s resignation cited “personal reasons,” as per regulatory filings. The newly appointed CFO, Deepak Rastogi, brings over 30 years of financial experience in capital-intensive sectors such as automotive, manufacturing, and chemicals.
Increased trading volumes, along with minor upticks on lower volumes, suggest weak buying interest and a lack of strong accumulation. As long as Ola Electric remains below the 40–43 zone and fails to surpass short-term moving averages, the overall market bias is expected to remain negative.
