Ola Electric shares crash 8%, extend losing run to 10th straight session — Can they dip below ₹30?

Shares of electric two-wheeler maker Ola Electric extended losses to the tenth session in a row on Tuesday, January 20, as they fell another 8% to ₹33 following the resignation of the chief financial officer (CFO) Harish Abichandani. The stock has lost almost 25% during the 10-day bear run.

Ola, in an exchange filing on Monday, said that the Board noted the resignation of Harish Abichandani from the position of CFO of the company with effect from the close of January 19, 2026. Abichandani cited personal reasons behind his resignation.

At the same time, the Board approved the appointment of Deepak Rastogi as CFO, who would also be Key Managerial Personnel and part of Senior Management Personnel with effect from January 20, 2026. Rastogi most recently was the group finance chief of property developer Puravankara.

Earlier in December, Vishal Chaturvedi, Business Head - Cell, designated as Senior Management Personnel at Ola, had tendered his resignation due to personal commitments.

Ola shares down for 4th month in a row

Barring the gains recorded in the first three trading sessions of the year, Ola Electric's stock is down in all others this month, resulting in a 6% monthly loss.

It marks the fourth monthly loss for the EV maker, which has been caught in a downtrend for the most part since its stock market debut in 2024.

The stock had rebounded from its all-time low of around ₹30 in the first few sessions of January after posting a robust set of sales figures for the month of December.

Ola said that with 9,020 units registered in December, the company increased its market share to 9.3% in December over 7.2% in November 2025. In addition to this, the company’s market share in the second half of December 2025, as per VAHAN data, further increased to nearly 12%, indicating a clear uptick in demand and market share gains.

However, for the year, Ola Electric shares are down 55%. From its record high level of ₹146.38, the stock has crashed 77%.

Ola Electric shares — Fall to ₹24 likely

Anshul Jain, Head of Research at Lakshmishree, said that Ola Electric Mobility retested its prior all-time low near 39 and staged a brief rebound toward 45, but the recovery lacked follow-through and quickly ran into heavy overhead supply.

Sellers regained control, confirming that the bounce was corrective rather than a trend reversal, said Jain. "Structure across daily and weekly timeframes remains decisively weak, with lower highs intact and momentum firmly tilted to the downside. The stock is now drifting back toward its recent all-time low near 30.76. A breach and sustain below this level would expose an extension target near 24, where the next demand pocket lies," he cautioned.

Risk–reward remains skewed lower, and any interim bounce should be treated as a sell-on-rise opportunity until the structure shows clear stabilisation, Jain advised.

Disclaimer: This story is for educational purposes only. We advise investors to consult with certified experts before making any investment decisions.