Ola Electric Mobility shares fall for 10th straight day, give up all the gains made in early-January

Shares of Ola Electric Mobility Ltd. fell over 4.5% on Tuesday, January 20. This is the tenth straight day of losses for the stock.

In an exchange filing on Monday, Ola Electric announced that its CFO, Harish Abichandani quit on Monday, citing personal reasons. The resignation was effective with immediate effect and he was relieved of his duties by the end of day.

Ola Electric also announced that it has announced Deepak Rastogi as the new CFO at the company.

Shares of Ola Electric Mobility had gained over 20% in the first three trading sessions of January across January 1, 2 and 5, on reports of some improvement in its market share. However, after January 5, the stock has been on a downward spiral.

The company is yet to disclose its shareholding pattern for the quarter that ended on December 31.

Since its listing in August last year, the stock has delivered negative returns in four out of the five full quarters that it has traded.

Ola Electric made headlines in December after its promoter Bhavish Aggarwal sold some of his holdings worth nearly ₹300 crore, which the company says, was undertaken solely to fully repay a promoter level loan of approximately ₹260 crore and to release

all 3.93% of shares that were previously pledged, thereby eliminating all promoter pledges.

The company is also yet to disclose its results for the December-ended quarter.

Shares of Ola Electric Mobility are trading 4.8% lower on Tuesday at ₹34. The stock is back down towards its all-time low of ₹30.76. The stock is down 78% from its post-listing high of ₹157 and has more than halved from its IPO price of ₹76 per share.