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.
Aravind, who worked in the company’s homologation division, allegedly consumed poison at his residence on September 28.
Despite being rushed to a private hospital, he did not survive. The police registered a case of abetment to suicide under Section 108 of the Bharatiya Nyaya Sanhita (BNS), based on a complaint filed by Aravind’s brother.
The complaint also raised concerns about financial irregularities amounting to Rs 17.46 lakh and accused Ola’s HR department of failing to explain suspicious money transfers to Aravind’s account.
A senior police officer confirmed that notices had been issued to all individuals named in the FIR and that written explanations had been submitted. The investigation is ongoing.
Ola’s spokesperson earlier said they were deeply saddened by Aravind’s death and extended condolences to his family.
The company claimed that Aravind had not raised any complaints or grievances during his 3.5-year tenure at Ola Electric, nor did he have direct contact with senior leadership, including the CEO.
Ola also stated that it has challenged the FIR in the Karnataka High Court, where protective orders have been passed in favour of the company and its officials.
The firm said it is fully cooperating with authorities and remains committed to ensuring a safe and respectful work environment.
