Ola Electric Hires New CFO after Harish Abichandani's Abrupt Exit, Shares Tank by 9%

Electric two-wheeler manufacturer Ola Electric announced on Monday, January 19, that it has appointed Deepak Rastogi as its new Chief Financial Officer (CFO). His appointment will officially take effect from January 20. This leadership change comes at a crucial time for the EV company as it continues to navigate financial and market challenges.

Before joining Ola Electric, Deepak Rastogi was serving as the Group Finance Chief at Puravankara, a well-known real estate development company. He will replace Harish Abichandani, who stepped down from his role as CFO in an unexpected move.

Harish Abichandani formally submitted his resignation on January 19, citing personal reasons for his decision to leave the company. In his resignation letter, he expressed gratitude for his time at Ola Electric.

“I am hereby submitting my resignation as CFO of Ola Electric Mobility Limited. This decision has been taken due to personal reasons,” he wrote. He also reflected positively on his tenure, stating that it had been a rewarding experience to be part of Ola’s growth journey under the leadership of co-founder and CEO Bhavish Aggarwal.

Soon after the announcement of Abichandani’s exit, Ola Electric’s stock continued its downward trend in the market. On January 20, the company’s shares fell by nearly 9% to ₹32.59 on the BSE. This marked the tenth consecutive trading session in which the stock recorded losses, reflecting investor concerns and ongoing pressure on the company’s performance.

Abichandani had taken over as CFO of Ola Electric in November 2023. During his tenure, the company achieved a major milestone by going public in 2024, with its IPO receiving strong attention and being reportedly described as a blockbuster debut.

However, despite the successful listing, Ola Electric has struggled in the period that followed. The company has faced slowing sales momentum and has continued to report losses across multiple quarters and financial years, highlighting the challenges that remain for the EV maker.

In the quarter ended September 30, 2025, the company posted consolidated revenue of ₹690 crore, reflecting a 43% year-on-year (YoY) decline from the same period last year. The net loss for the quarter stood at ₹418 crore, narrowing slightly from ₹495 crore in Q2 of financial year 2024-25 (FY25).

Once the market leader in electric two-wheelers with a 32.10% share in October 2023, Ola saw its market share fall sharply to 11.20% over the same period two years later, according to data from the Federation of Automobile Dealers Associations. During this time, competitors have gained ground. Bajaj Auto and Ather Energy, which held market shares of 12.10% and 11.50% respectively in 2023, have since emerged as stronger players.

Notably, a month ago Aggarwal completed the sale of a 3.93% stake from his personal shareholding in the firm. The company had said that the sale was done to repay a promoter-level loan of about ₹260 crore.