What Led to the Tumble of Ola Electric Shares After CEO Bhavish Aggarwal Was Booked in Employee Suicide Case?
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Synopsis
Ola Electric faces a tumultuous trading day as CEO Bhavish Aggarwal is implicated in a tragic employee suicide case. This incident raises serious questions about workplace culture and accountability in one of India's leading electric vehicle companies. How will this impact the company's future?
Key Takeaways
- Ola Electric's stock suffered a significant drop following serious allegations against top executives.
- The employee's tragic death raises questions about workplace culture.
- Legal implications could affect the company's operations moving forward.
- The investigation is ongoing, and more details may emerge.
- Ola Electric is challenging the FIR in court.
New Delhi, Oct 21 (NationPress) The shares of Ola Electric Mobility, spearheaded by Bhavish Aggarwal, faced significant declines on Tuesday during the special Muhurat Day trading. This downturn followed revelations that several high-ranking executives are implicated in a case concerning the suicide of an employee.
The stock price of Ola Electric plummeted by as much as 4.16 percent, hitting an intra-day low of Rs 52.65 per share on the National Stock Exchange (NSE). By the end of the trading day, the stock settled at Rs 53.43, reflecting a decrease of Rs 1.51 or 2.75 percent.
Around 45 million equity shares, valued at Rs 24.08 crore, were traded on both the NSE and the Bombay Stock Exchange (BSE) throughout the session.
This steep drop in stock value was triggered by reports indicating that Bhavish Aggarwal, the CEO and founder of Ola, along with senior executive Subrath Kumar Das, has been named in an FIR lodged by the police in Bengaluru.
The case pertains to the alleged suicide of a 38-year-old employee, K Aravind, who reportedly left a detailed 28-page note accusing his superiors of workplace harassment.
Aravind, an employee in the company's homologation division, allegedly ingested poison at his home on September 28.
Despite immediate medical attention at a private hospital, he did not survive. Consequently, the police initiated a case of abetment to suicide under Section 108 of the Bharatiya Nyaya Sanhita (BNS), based on a complaint filed by Aravind's brother.
The complaint also highlighted concerns regarding financial discrepancies amounting to Rs 17.46 lakh and accused Ola's HR department of failing to clarify questionable money transfers to Aravind’s account.
A senior police officer confirmed that notices had been dispatched to all individuals named in the FIR, and written explanations have been provided. The investigation remains active.
Ola's spokesperson expressed deep sorrow over Aravind's demise and extended condolences to his family.
The company asserted that Aravind had not voiced any complaints or grievances during his 3.5-year tenure at Ola Electric, nor did he have direct interactions with senior leadership, including the CEO.
Furthermore, Ola announced its intention to contest the FIR in the Karnataka High Court, where protective orders have been issued in favor of the company and its officials.
The firm emphasized its full cooperation with authorities and its commitment to ensuring a safe and respectful working environment.
Point of View
I believe it's crucial to address the implications of this tragic incident on workplace safety and corporate accountability. The allegations against Ola Electric's leadership raise serious concerns that could affect not only the company's reputation but also the larger narrative surrounding employee welfare in the corporate sector. Our commitment remains with the truth and the well-being of all employees across industries.
NationPress
21/10/2025
Frequently Asked Questions
What caused the decline in Ola Electric's shares?
The shares of Ola Electric dropped significantly following news that CEO Bhavish Aggarwal and other executives were implicated in a suicide case involving an employee.
Who is K Aravind?
K Aravind was a 38-year-old employee of Ola Electric who alleged workplace harassment in a detailed suicide note before his tragic death.
What actions have been taken by the police?
The police have filed an FIR under Section 108 of the Bharatiya Nyaya Sanhita (BNS) for abetment to suicide and are currently investigating the case.
What is Ola Electric's response to the allegations?
Ola Electric has expressed deep sorrow over Aravind's death and has stated that they are cooperating fully with the authorities while challenging the FIR in court.
How did the market react to this news?
Ola Electric's stock experienced a notable decline, reflecting investor concerns regarding the implications of the allegations on the company's future.
