Hobbs time is only giving the amount of time the electrical system is on (even if you leave the electrical system "on" overnight).
From what I know, tach time does not start recording until you have oil pressure. There should be an oil pressure switch on one of your oil lines. Either that got disconnected or the switch went bad.
At least one of the EI tachs do not use oil pressure----it uses Engine RPM. Anything over 1300 RPM gets measure as tach time. If yours is this one, you may want to ask EI what is up with that---pretty much a self contained unit.