Ola Electric shares drop 7% as CFO resigns; Stock slides 24% in 10 sessions

Shares of Ola Electric Mobility Ltd. fell more than 7 per cent on Tuesday after the company said its chief financial officer (CFO), Harish Abichandani, had resigned. In a separate filing, Ola Electric said Deepak Rastogi has been appointed as the new CFO.

 

The electric vehicle maker's stock fell as much as 7.6 per cent during the day to ₹33 per share, the biggest intraday fall since December 16 last year. The stock pared losses to trade 6.4 per cent lower at ₹33.4 apiece, compared to a 0.64 per cent decline in Nifty 50 as of 11:35 AM. 

 

Shares of the company fell for the 10th straight session, falling 24 per cent in the process, and currently trade at 1.3 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 7.8 per cent this year, compared to a 2.3 per cent decline in the benchmark Nifty 50. Ola Electric has a total market capitalisation of ₹14,736.58 crore. 

 

Ola Electric names new CFO

Harish Abichandani, citing personal reasons, resigned from the company, according to the statement. “I am hereby submitting my resignation as chief financial officer of Ola Electric Mobility Limited. This decision has been taken due to personal reasons,” Abichandani said in a resignation letter cited by Ola Electric.

 

The EV maker later announced the appointment of Deepak Rastogi as its chief financial officer, effective January 20, 2026. The company stated that Rastogi is a veteran finance and business leader with over 30 years of experience across large, complex and capital-intensive organisations in automotive, manufacturing, chemicals, fertilisers, mining, industrial products and real estate.

 

He has previously held senior finance roles such as president, group CFO and head of finance at companies including Puravankara Group, Deepak Fertilisers & Petrochemicals, Tata AutoComp Systems, The Timken Company, Alcatel, DuPont, Castrol and Raymond,

 

The company has seen a string of senior management exits in recent months, including cell operations business head Vishal Chaturvedi last month, and chief marketing officer Anshul Khandelwal and chief technology officer Suvonil Chatterjee.  

Ola stock to see more downside? 

On the daily chart, the stock is firmly entrenched in a downtrend, trading below all key moving averages, according to analysts. 

 

Recent pullback attempts have consistently faced rejection near the 50 exponential moving average (EMA) and 100 EMA, indicating that these levels are acting as dynamic resistance zones, Aakash Shah, technical research analyst at Choice Equity Broking, said. "The price has failed to sustain above these averages, leading to fresh rounds of selling pressure."

 

Structurally, the stock has made a series of lower highs and lower lows, reinforcing the bearish trend, Shah said. The recent breakdown below the 35-36 support zone has further weakened the structure, and ₹30 now emerges as the immediate and crucial support level, he said. "A decisive breach below this zone could open the door for further downside."

Ola Electric Q2 recap

Ola Electric's auto business for the first time reported an operating profit in the second quarter of the financial year (Q2 FY26). The auto business focuses on the design, development, manufacturing, and sale of electric vehicles (EVs), along with core EV components. 

 

It posted an earnings before interest, taxes, depreciation, and amortisation (ebitda) margin of 0.3 per cent, compared to a loss of 5.3 per cent in the first quarter of FY26. Gross margin widened by 510 basis points sequentially to 30.7 per cent, surpassing those of most internal combustion engine two-wheeler manufacturers.