Ola Electric Shares Drop 4% After CEO Named in Employee Suicide Case
Ola Electric Mobility’s stock fell sharply during Diwali’s Muhurat trading session after CEO Bhavish Aggarwal and senior executive Subrath Kumar Das were named in an FIR related to an employee’s suicide.
Key Developments
- Ola Electric shares dropped 4.16% to intra-day low of ₹52.65
- CEO Bhavish Aggarwal named in FIR over employee suicide case
- 38-year-old employee left 28-page death note alleging workplace harassment
- Company has challenged FIR in Karnataka High Court
Market Reaction and Trading Impact
During Tuesday’s special Muhurat Day trading, Ola Electric shares declined by 2.75% to close at ₹53.43 on the NSE. The stock hit an intra-day low of ₹52.65, marking a 4.16% drop from previous levels.
Trading volume reached nearly 45 million equity shares worth ₹24.08 crore across both National Stock Exchange and Bombay Stock Exchange.
FIR Details and Allegations
Bengaluru police filed the FIR naming Aggarwal and Das in connection with the suicide of K Aravind, a 38-year-old employee in the homologation division. The case was registered under Section 108 of the Bharatiya Nyaya Sanhita for abetment to suicide.
Aravind’s brother filed the complaint, which included allegations of workplace harassment and financial irregularities amounting to ₹17.46 lakh. The complaint stated that Ola’s HR department failed to explain suspicious money transfers to Aravind’s account.
Employee’s Death and Investigation
Aravind allegedly consumed poison at his residence on September 28 and was rushed to a private hospital, where he succumbed. Police confirmed that notices have been issued to all individuals named in the FIR, and written explanations have been submitted.
The investigation is ongoing, with authorities examining the 28-page death note where Aravind reportedly accused his seniors of workplace harassment.
Ola’s Official Response
Ola Electric expressed deep sadness over Aravind’s death and extended condolences to his family. The company stated that during his 3.5-year tenure, Aravind had not raised any formal complaints or grievances.
The company emphasized that Aravind had no direct contact with senior leadership, including the CEO. Ola has challenged the FIR in the Karnataka High Court, where protective orders have been granted in favor of the company and its officials.
Ola confirmed it is fully cooperating with authorities while maintaining its commitment to ensuring a safe and respectful work environment.
