Ola Electric tumbles as Bhavish Aggarwal booked in employee suicide case

New Delhi: Shares of Bhavish Aggarwal-led Ola Electric Mobility came under heavy pressure on Tuesday during the special Muhurat Day trading session, following news that the company’s top executives have been booked in connection with the suicide of an employee.

Ola Electric’s stock fell as much as 4.16 per cent, touching an intra-day low of Rs 52.65 per share on the National Stock Exchange (NSE). At the closing bell, the stock was at Rs 53.43, down by Rs 1.51 or 2.75 per cent.

Nearly 45 million equity shares, worth Rs 24.08 crore, were exchanged on both the NSE and the Bombay Stock Exchange (BSE) during the session. The sharp decline in share price followed reports that Bhavish Aggarwal, the CEO and founder of Ola, along with senior executive Subrath Kumar Das, has been named in an FIR filed by Bengaluru police.

The case relates to the alleged suicide of a 38-year-old employee, K Aravind, who reportedly left behind a detailed 28-page death note accusing his seniors of workplace harassment.