Whalesbook
The sharp sell-off in Ola Electric Mobility Ltd. shares intensified Tuesday, driven by the unexpected resignation of Chief Financial Officer Harish Abichandani. Abichandani cited personal reasons for his departure. The electric vehicle maker's stock plunged as much as 7.6 per cent to ₹33, marking its most significant intraday decline since December 16. This adds to a prolonged downturn, with shares now down 24 per cent over the last ten trading sessions.
Leadership Transitions and Market Sentiment
Ola Electric has simultaneously announced Deepak Rastogi as its new CFO, effective January 20, 2026. Rastogi brings over three decades of extensive financial and business leadership experience from diverse sectors including automotive, manufacturing, and chemicals. His background includes senior roles at companies such as Puravankara Group and Deepak Fertilisers & Petrochemicals. This appointment comes amidst a concerning pattern of senior management exits, including last month's departure of cell operations head Vishal Chaturvedi, and previously chief marketing officer Anshul Khandelwal and chief technology officer Suvonil Chatterjee.
The stock's persistent slide, which has seen it fall 7.8 per cent year-to-date against the benchmark Nifty 50's 2.3 per cent decline, raises questions about investor confidence. The shares are trading at approximately 1.3 times their average 30-day volume, indicating heightened trading activity amid the downturn. Ola Electric's total market capitalization stands at ₹14,736.58 crore.
Despite the recent stock pressure, the company's auto business reported its first operating profit in the second quarter of FY26. This segment achieved an EBITDA margin of 0.3 per cent, a significant improvement from a 5.3 per cent loss in the prior quarter. Gross margins also strengthened by 510 basis points to 30.7 per cent. Investors will be watching how the new CFO navigates future financial performance and capital strategy.