MUMBAI, Maharashtra — Shares of Indian electric vehicle maker Ola Electric Mobility Limited fell sharply for a tenth consecutive session on Tuesday, extending losses to more than 25 percent, after the company announced a change in its top finance leadership.
The stock dropped more than 7 percent after Ola Electric said its Chief Financial Officer Harish Abichandani had resigned and Deepak Rastogi had been appointed as his successor. In an exchange filing, the company said, “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.”
Ola Electric shares were trading at Rs 32.92 as of 2:25 p.m., down Rs 2.81, or 7.86 percent, marking the steepest intraday decline since December 16, 2025. The fall came amid broader market weakness, with the Nifty down 0.81 percent at 25,378.10.
Tuesday’s decline extended a prolonged losing streak for the EV maker, with the stock now down nearly 25 percent over the past 10 trading 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 analyst said.
According to market observers, the stock remains firmly in a downtrend and is trading below all key moving averages on the daily chart.
The sell-off was accompanied by higher trading volumes, estimated at about 1.3 times the stock’s 30-day average. Analysts noted that minor price upticks have occurred on comparatively lower volumes, signaling weak buying interest and a lack of meaningful accumulation.
“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 capitalization stood at Rs 14,736.58 crore.
The leadership change follows a series of senior management departures at the company in recent months, including exits by the head of cell operations, the chief marketing officer, and the chief technology officer.
Abichandani said he stepped down for “personal reasons,” according to the regulatory filing. The company said Rastogi brings more than 30 years of experience across capital-intensive sectors including automotive, manufacturing, and chemicals. (Source: IANS)
