Mumbai, Jan 20 (NationPress) The shares of Ola Electric Mobility Limited, an Indian electric vehicle manufacturer, saw a significant decline of over 7 percent on Tuesday following the announcement of the resignation of its Chief Financial Officer, Harish Abichandani. The company has appointed Deepak Rastogi as the new CFO.

“The Board has sanctioned the appointment of Deepak Rastogi as the Chief Financial Officer of the Company, effective from January 20, 2026. He will also serve as Key Managerial Personnel and be part of the Senior Management Team,” the company disclosed in a filing.

As of 2:25 pm, the stock price dropped to Rs 32.92, marking a decrease of Rs 2.81 or 7.86 percent, which represents the largest intra-day fall since December 16, 2025. This decline occurred amidst a broader market downturn, with the Nifty index at 25,378.10, down by 0.81 percent.

The downturn on Tuesday marks the continuation of losses for the EV manufacturer, with its shares declining for 10 consecutive sessions.

“Ola Electric remains under intense bearish pressure, extending its losses for the 10th consecutive session and experiencing nearly a 25 percent decrease during this timeframe, indicating persistent distribution and negative market sentiment,” stated an expert.

“On the daily chart, the stock is firmly positioned in a downtrend, trading below all significant moving averages,” the analyst noted.

The notable selling activity also coincided with increased trading volumes, approximately 1.3 times its 30-day average volume. Minor increases were observed on relatively lower volumes, suggesting weak buying interest and a lack of substantial accumulation, as per the expert’s analysis.

“As long as Ola Electric remains below the 40–43 range and does not manage to close above the short-term moving averages, the overall market bias is anticipated to remain negative, with any rallies likely to be short-lived,” the analyst added.

The market capitalization of Ola Electric was recorded at Rs 14,736.58 crore.

This announcement follows a series of senior management departures at Ola Electric in recent months, including the head of cell operations, the chief marketing officer, and the chief technology officer.

Abichandani cited “personal reasons” for his resignation, according to the regulatory filing. The newly appointed CFO, Deepak Rastogi, is a seasoned finance professional with over 30 years of experience in capital-intensive industries such as automotive, manufacturing, and chemicals.