Ola Electric Mobility's share shows decline of 5%

Following the stepping down of Ola Electric’s chief marketing officer Anshul Khandelwal and chief technology & product officer Suvonil Chatterjee the company’s shares observed a sharp decline on Monday. Citing personal reasons both individuals stepped down from their respective positions. 

"With reference to the captioned subject and mentioned reference, we hereby inform you that, Mr. Anshul Khandelwal, Chief Marketing Officer, and Mr. Suvonil Chatterjee, Chief Technology and Product Officer, have tendered their resignation with effect from December 27, 2024," Ola Electric stated in a BSE filing.

The Central Consumer Protection Authority (CCPA) issued another showcause notice to the Bhavish Aggarwal-led EV company earlier this month, requesting more information and documents pertaining to the resolution of customer concerns.

The stock fell 4.62 per cent today, reaching a low of Rs 85.93 for the day. At Rs 86.74, it was last seen trading 3.72 per cent down. The scrip has dropped 7.13 per cent in a month at this pricing.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said that investors with a one-year investment horizon who are willing to take on a lot of risk should consider this stock.

Technically, the counter showed support at the Rs 80 level.

The scrip was higher than the 50-day simple moving average (SMA) but lower than the 5-, 10-, 20-, and 30-day SMAs. The 14-day relative strength index (RSI) for the stock was 42.23. A figure exceeding 70 is regarded as overbought, whereas a level below 30 is regarded as oversold.

Ola Electric has also released 'Ola Reverse 2024' statistics. It emphasises how the Ola S1 community has contributed to India's EV revolution by jointly saving an incredible Rs 1,300 crore in gasoline expenses.