Bhavish Aggarwal-led Ola Electric Mobility shares extended their steep decline on Tuesday, plunging over 8% intraday to hit ₹32.80, just shy of their all-time low. The sharp sell-off marks the tenth consecutive session of losses for the EV major, which has seen nearly a quarter of its market value wiped out in less than two weeks.

Immediate trigger

The latest blow to investor sentiment came late Monday when the company announced the resignation of its chief financial officer (CFO), Harish Abichandani, effective January 19, 2026. Abichandani, a key figure in the company’s IPO journey, cited "personal reasons" for his departure.

The board appointed Deepak Rastogi as the new CFO effective January 20. Rastogi brings over 30 years of experience, having previously served as CFO at Puravankara and Deepak Fertilisers. However, the leadership churn—coming shortly after the exit of the Business Head for Cells in December—has spooked a market already wary of executive stability at the firm.

10 days of pain: Guidance cuts & market share

Even as the CFO's exit gave sellers a fresh momentum, Ola Electric stock was already in a tailspin. The scrip has corrected by approximately 25% over the last 10 trading sessions. The selling pressure intensified earlier this month after the company slashed its full-year revenue guidance to ₹3,000–₹3,200 crore, a sharp reduction from the previously projected ₹4,700 crore.

Operationally, the company is fighting a two-front war:

• Market share erosion: VAHAN data indicates Ola’s market share in the 2W EV segment slipped to 16% in 2025 from highs of over 36% in 2024, though a slight recovery was noted in December 2025 (to 9-12%) following aggressive "Hyperservice" campaigns.

Kotak Securities in December 2025 slashed its fair value target for Ola Electric to ₹25 (down from ₹50), maintaining a "Sell" rating. The brokerage cites persistent operational inefficiencies, high service costs, and competitive intensity from legacy players like TVS and Bajaj as key risks.

In November 2025, Emkay Global had issued a "Buy" rating on Ola Electric with a target of ₹65, pinning hopes on the successful scaling of the Gigafactory and the integration of the 4680 Bharat Cells, which could structurally lower costs. 

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