Ola Electric shares dive over 25% in 10 sessions; experts weigh in
Ola Electric said its board has approved the appointment of Deepak Rastogi as the new CFO of the company.
- Jan 20, 2026,
- Updated Jan 20, 2026 2:04 PM IST
Shares of Ola Electric Mobility Ltd extended their fall for the 10th straight session in Tuesday's trade. The stock tumbled 8.36 per cent to touch a low of Rs 32.79. At this level, it has corrected 25.34 per cent in 10 trading days.
Today's sharp fall came after the pure-play EV firm's CFO Harish Abichandani resigned with effect from the close of January 19, citing personal reasons. In his resignation letter, Abichandani said: "It has been a wonderful experience to be part of Ola's journey under your visionary leadership. I thank the entire Ola Team and the Board for their support and guidance and wish Ola success!. Request if I be relieved by EOD on January 19, 2026. Wishing you and the Team all the very best!."
Further, Ola Electric said its board has approved the appointment of Deepak Rastogi as the new CFO of the company.
Kranthi Bathini, Director – Equity Strategy at WealthMills Securities, said, "The stock came under pressure today after the company's CFO resignation. It is suitable only for high-risk appetite investors at this point in time." For now, the expert mentioned that the next few quarterly results remain crucial for the company.
On technical setup, Ola Electric's stock largely looked 'bearish' on charts and support could be seen in the 31-30 range.
Aakash Shah, Technical Research Analyst at Choice Equity Broking, stated, "Ola Electric continues to remain under strong bearish pressure, extending its decline for the 10th consecutive session and losing around 25 per cent over the same period, highlighting sustained distribution and weak market sentiment. On daily charts, the stock is firmly entrenched in a downtrend, trading below all key moving averages. Recent pullback attempts have consistently faced rejection near the 50 EMA and 100 EMA, indicating that these levels are acting as dynamic resistance zones. The price has failed to sustain above these averages, leading to fresh rounds of selling pressure. Volume analysis shows elevated volumes during down days, suggesting active distribution, while minor upticks have occurred on comparatively lower volumes — a sign of weak buying interest and absence of strong accumulation."
Shah added, "The stock has made a series of lower highs and lower lows, reinforcing the bearish trend. The recent breakdown below the Rs 35–36 support zone has further weakened the structure and Rs 30 now emerges as the immediate and crucial support level; a decisive breach below this zone could open the door for further downside. As long as Ola remains below the Rs 40–43 zone and fails to close above the short-term moving averages, the overall bias is expected to stay negative, with rallies likely to be sold into rather than sustained."
Ravi Singh, Chief Research Officer at Mastertrust, noted, "The stock didn't appear good on charts. One should consider taking an exit on any uptick. Maintain a strict stop loss of Rs 31."
Shares of Ola Electric Mobility Ltd extended their fall for the 10th straight session in Tuesday's trade. The stock tumbled 8.36 per cent to touch a low of Rs 32.79. At this level, it has corrected 25.34 per cent in 10 trading days.
Today's sharp fall came after the pure-play EV firm's CFO Harish Abichandani resigned with effect from the close of January 19, citing personal reasons. In his resignation letter, Abichandani said: "It has been a wonderful experience to be part of Ola's journey under your visionary leadership. I thank the entire Ola Team and the Board for their support and guidance and wish Ola success!. Request if I be relieved by EOD on January 19, 2026. Wishing you and the Team all the very best!."
Further, Ola Electric said its board has approved the appointment of Deepak Rastogi as the new CFO of the company.
Kranthi Bathini, Director – Equity Strategy at WealthMills Securities, said, "The stock came under pressure today after the company's CFO resignation. It is suitable only for high-risk appetite investors at this point in time." For now, the expert mentioned that the next few quarterly results remain crucial for the company.
On technical setup, Ola Electric's stock largely looked 'bearish' on charts and support could be seen in the 31-30 range.
Aakash Shah, Technical Research Analyst at Choice Equity Broking, stated, "Ola Electric continues to remain under strong bearish pressure, extending its decline for the 10th consecutive session and losing around 25 per cent over the same period, highlighting sustained distribution and weak market sentiment. On daily charts, the stock is firmly entrenched in a downtrend, trading below all key moving averages. Recent pullback attempts have consistently faced rejection near the 50 EMA and 100 EMA, indicating that these levels are acting as dynamic resistance zones. The price has failed to sustain above these averages, leading to fresh rounds of selling pressure. Volume analysis shows elevated volumes during down days, suggesting active distribution, while minor upticks have occurred on comparatively lower volumes — a sign of weak buying interest and absence of strong accumulation."
Shah added, "The stock has made a series of lower highs and lower lows, reinforcing the bearish trend. The recent breakdown below the Rs 35–36 support zone has further weakened the structure and Rs 30 now emerges as the immediate and crucial support level; a decisive breach below this zone could open the door for further downside. As long as Ola remains below the Rs 40–43 zone and fails to close above the short-term moving averages, the overall bias is expected to stay negative, with rallies likely to be sold into rather than sustained."
Ravi Singh, Chief Research Officer at Mastertrust, noted, "The stock didn't appear good on charts. One should consider taking an exit on any uptick. Maintain a strict stop loss of Rs 31."