Ola Electric: This news will increase the company's troubles, the name of the promoter has also come up, keep an eye on the stock:

News Topical, Digital Desk : Ola Electric's stock saw a sharp 10% surge on Friday. The stock found some relief after buying at lower levels, however, further news on Saturday could exacerbate the company's troubles. Investigating agencies have confirmed the suicide note of an employee who allegedly committed suicide. The family had alleged that the suicide was due to workplace harassment. Confirmation of the suicide note could put the company in trouble. The note makes allegations against several senior officials, including Bhavish Aggarwal.

What's the news?

According to reports, agencies investigating the alleged suicide of an Ola Electric employee have confirmed the authenticity of the suicide note recovered during the investigation. According to sources familiar with the matter, forensic tests have positively matched the fingerprints found on the suicide note to the employee. However, the handwriting report is still pending. Investigators say this report will be crucial in determining further action in the case. The case is currently being investigated by the Central Crime Branch (CCB), which took over the investigation after an FIR was filed under Section 108 of the Indian Penal Code (IPC).

What was the case? 38-year-old Arvind was found dead at his Bengaluru residence on September 28. Police initially registered an unnatural death report (UDR), but it was later converted into a regular criminal case after the family alleged workplace harassment and abetment to suicide. According to the police, a 28-page handwritten suicide note was recovered from the scene, which allegedly mentions workplace harassment and names some senior Ola Electric officials, including CEO Bhavish Aggarwal. Meanwhile, the Karnataka High Court, while allowing the investigation to continue, granted interim protection from coercive action to senior officials and directed them to cooperate with the investigation. Investigating agencies are now awaiting the handwriting report and other forensic inputs.

Stock surges on Friday, what experts are saying: Meanwhile, Ola Electric shares saw a rise of nearly 10% on December 19th. The company issued a statement on the promoter's stake sale, stating that the current round of sale was now complete and the promoter's pledged shares had been redeemed. Following this, buying was seen from lower levels. However, experts are not impressed by this rise. Arun Kumar Mantri of Mantri Finmart advised investors stuck in the stock to try to exit the stock with gains, based on the chart performance. He clearly stated that this stock is recommended for exit, not for holding. He stated that a breakdown below 40 occurred, and that too with significant volume. He believes the stock's rise on Friday is due to the closing of the issue regarding the stake sale. He advises exiting if the stock reaches 35-36 levels with the current momentum.