I installed Android studio in another location then the default. Drive F .
I’ve changed some defauls folder from the C drive were windows was to E .
When a new virtual device was created it was created in the E:.android folder. The avd manager saw the paths correctly and the .ini file of the virtual device was correctly set up .
Still when attempting to start I got : “panic, could not open” .
The fix that worked with eclipse and it’s all over the internet is still available here :
Create a environment variable called: ANDROID_SDK_HOME and set it to (in my case) “F:\AndroidStudio\sdk” .
The .android folder will get recreated here and all your paths will be fine .