New Delhi | October 22,2025 | SKY LINK TIMES
Ola Electric Mobility’s shares came under heavy selling pressure during Tuesday’s special Muhurat trading session after reports emerged that the company’s CEO, Bhavish Aggarwal, and senior executive Subrath Kumar Das were booked by Bengaluru police in connection with the alleged suicide of an employee.
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Stock Falls 4% Amid FIR News
The stock of Ola Electric fell as much as 4.16%, hitting an intraday low of ₹52.65 per share on the National Stock Exchange (NSE). It eventually settled at ₹53.43, down 2.75% from the previous close.
During the session, over 45 million equity shares worth ₹24.08 crore changed hands across the NSE and BSE, reflecting investor concern over the ongoing controversy.
FIR Filed Against CEO and Senior Executive
According to police sources, the FIR was filed following the death of K. Aravind, a 38-year-old employee from Ola Electric’s homologation division, who allegedly consumed poison at his residence on September 28.
He was rushed to a private hospital but did not survive. A 28-page death note reportedly left behind by Aravind accused his seniors of workplace harassment and mentioned issues related to financial irregularities of approximately ₹17.46 lakh.
The FIR has been registered under Section 108 of the Bharatiya Nyaya Sanhita (BNS) for abetment to suicide, based on a complaint filed by Aravind’s brother. The complainant also raised concerns about suspicious money transfers to Aravind’s account and alleged negligence by the HR department.
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Ola Responds, Challenges FIR in High Court
In response, Ola Electric issued a statement expressing condolences to Aravind’s family, while clarifying that the employee had not filed any complaints or grievances during his 3.5-year tenure.
The company also asserted that Aravind did not have direct contact with top leadership, including the CEO.
Ola Electric confirmed that it has challenged the FIR in the Karnataka High Court, where protective orders have been passed in favor of the company and its executives.
A senior police officer said that written explanations have been sought from those named in the FIR and that the investigation is ongoing.
Market Impact and Investor Sentiment
The news of the FIR triggered negative investor sentiment, leading to a temporary sell-off. Analysts noted that while the company’s legal challenges may take time to resolve, market volatility could continue until clarity emerges from the ongoing probe.
Despite the setback, Ola Electric reiterated its commitment to maintaining a safe and respectful workplace environment and assured full cooperation with authorities.
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