Electric two-wheeler maker Ola Electric has announced the appointment of Deepak Rastogi as its new Chief Financial Officer (CFO), effective January 20. The move comes shortly after the abrupt resignation of outgoing CFO Harish Abichandani, at a time when the company is facing financial pressure and market challenges.
Rastogi joins Ola Electric from Puravankara, where he was serving as Group Finance Chief. He will take charge of Ola’s finance function as the EV maker navigates slowing sales, falling market share, and continued losses.
Abichandani stepped down unexpectedly, citing personal reasons. In his resignation, he wrote:
“I am hereby submitting my resignation as CFO of Ola Electric Mobility Limited. This decision has been taken due to personal reasons.”
He also described his time at the company positively, calling it a rewarding experience and highlighting Ola’s growth journey under the leadership of co-founder and CEO Bhavish Aggarwal.
Stock continues to slide
Following the announcement of Abichandani’s exit, Ola Electric’s stock continued its downward trend. On January 20, the company’s shares fell another 5% to ₹33.89 on the BSE, marking the tenth straight trading session of losses. The decline reflects growing investor concerns over the company’s performance.
IPO success, but challenges persist
Abichandani had joined Ola Electric as CFO in November 2023 and played a key role during the company’s IPO in 2024, which was widely described as a blockbuster debut. However, the period after listing has been difficult.
Ola Electric has reported slowing sales momentum and losses across multiple quarters. For the quarter ended September 30, 2025, the company posted consolidated revenue of ₹690 crore, a sharp 43% year-on-year decline. Net loss for the quarter stood at ₹418 crore, slightly lower than the ₹495 crore loss reported in the same quarter of the previous financial year.
Market share erosion
Once the clear leader in the electric two-wheeler segment with a 32.10% market share in October 2023, Ola Electric has seen its share fall sharply to 11.20% over the next two years, according to data from the Federation of Automobile Dealers Associations (FADA). Meanwhile, rivals such as Bajaj Auto and Ather Energy have strengthened their positions in the market.
Promoter stake sale
Adding to investor unease, CEO Bhavish Aggarwal sold 3.93% of his personal stake in the company last month. Ola Electric clarified that the sale was done to repay a promoter-level loan of around ₹260 crore.
With a new CFO at the helm, Ola Electric will be looking to stabilise its finances and regain investor confidence amid intensifying competition in India’s electric two-wheeler market.
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