Ola Electric Stock Falls 25% in 10 Days After CFO Exit

Introduction

Shares of Ola Electric Mobility declined by as much as 7% on Tuesday, January 20, 2026, marking the tenth consecutive day of losses for the stock. The sustained selling pressure, which has erased nearly 25% of the company's market value in the last ten sessions, was intensified by the sudden resignation of its Chief Financial Officer (CFO), Harish Abichandani. The stock hit a day's low of Rs 33.50, moving closer to its all-time low and wiping out the significant gains made in early January.

C-Suite Shake-Up

Ola Electric confirmed in a regulatory filing on Monday that Harish Abichandani had resigned from his position as CFO, effective from the close of business on January 19, 2026. Abichandani cited personal reasons for his departure. This development is significant as it marks the second high-level exit from the company in just two months. In December 2025, Vishal Chaturvedi, the Business Head for the company's cell division, also tendered his resignation for personal reasons. The company moved swiftly to fill the vacancy, appointing Deepak Rastogi as the new CFO, effective January 20, 2026. The filing clarified that Rastogi is not related to any existing director and is not barred from holding the office by any regulatory authority.

Stock Performance Under Pressure

The recent stock performance paints a challenging picture for investors. After a promising start to the year, with shares gaining over 20% in the first three trading sessions of January, the momentum reversed sharply after January 5. The stock is now trading down 78% from its post-listing high of Rs 157 and has more than halved from its IPO price of Rs 76 per share. Since its market debut in August of the previous year, Ola Electric has delivered negative returns in four of the five full quarters it has traded. The continuous fall has brought the stock close to its all-time low of Rs 30.76.

Operational Highlights and Market Share Gains

Contrasting the bleak stock market performance, Ola Electric has reported positive operational metrics. According to VAHAN portal data, the company recorded 9,020 vehicle registrations in December 2025. This performance helped boost its market share to 9.3% in December, a notable increase from 7.2% in November 2025. The company attributed this growth to its 'Hyperservice' initiative, a program focused on transforming its service experience. Furthermore, Ola Electric stated its market share in the second half of December climbed to nearly 12%, indicating strengthening demand for its products.

Financial Health and Promoter Actions

Despite operational gains, the company's financial health remains a concern for investors. The company has posted a net loss of Rs 418.0 crore for the fourth consecutive quarter. It also witnessed a sales de-growth of 5.94%, marking the first revenue contraction in the last three years. In December, promoter Bhavish Aggarwal sold a portion of his holdings worth nearly Rs 300 crore. The company clarified that this sale was undertaken to fully repay a promoter-level loan of approximately Rs 260 crore and release pledged shares, thereby eliminating all promoter pledges. The company is yet to announce its financial results for the quarter ending December 31.

New Venture into Energy Storage

In a separate development, Ola Electric announced its entry into the residential energy storage market with the launch of 'Shakti', its first Battery Energy Storage System (BESS) product. Rolled out from its Gigafactory in Krishnagiri, Tamil Nadu, the product is powered by Ola's indigenously designed and manufactured 4680 Bharat Cells. This launch marks a significant step in scaling its cell platform and diversifying its business beyond electric vehicles. The 'Shakti' system is designed to serve as a portable energy resource for households, farms, and small businesses.

Key Stock Metrics

Analyst Commentary and Outlook

Market analysts hold a divided view on Ola Electric's future. Currently, eight analysts cover the stock, with three recommending a 'Buy', one a 'Hold', and four advising a 'Sell'. The price targets reflect this wide divergence in opinion, ranging from a high of Rs 65 per share by Emkay to a low of Rs 25 per share from Kotak Securities. Jigar S. Patel, a technical research manager at Anand Rathi, noted that the stock has support at Rs 38 and resistance at Rs 45, suggesting a trading range in the near term.

Conclusion

Ola Electric Mobility is currently at a crossroads. While the company demonstrates positive momentum in vehicle registrations and is expanding into new energy sectors, these developments are being overshadowed by management instability, persistent financial losses, and a sharply declining stock price. The appointment of a new CFO will be critical in steering the company's financial strategy and rebuilding investor confidence. Stakeholders will be closely watching for the upcoming quarterly results and the new leadership's ability to navigate the competitive EV landscape.