Ola Electric Share Price Slides for 10th Session; Stock Down 38% in Three Months; What’s Driving the Fall?

Ola Electric Mobility, one of India’s leading electric two-wheeler manufacturers, has announced a significant shift in its senior leadership amid ongoing business challenges. Chief Financial Officer (CFO) Harish Abichandani has resigned, and the board has appointed Deepak Rastogi as his successor, effective January 20, 2026.

CFO Transition: Personal Reasons Cited

In a regulatory filing to stock exchanges, Ola Electric confirmed that Harish Abichandani’s resignation took effect at the close of business on January 19, 2026. Abichandani cited personal reasons for his departure and thanked the company’s leadership, including founder and CEO Bhavish Aggarwal, for the opportunity and support during his tenure.

Abichandani, who joined Ola Electric in November 2023, played a key role in overseeing the company’s blockbuster initial public offering (IPO) in 2024. His exit comes at a sensitive time as Ola grapples with slowing sales and mounting competitive pressures in the electric two-wheeler market.

Deepak Rastogi: A Veteran Finance Executive

Ola Electric’s board has approved the appointment of Deepak Rastogi as the company’s new CFO, effective January 20, 2026. Rastogi brings more than three decades of experience in finance, strategy and governance across capital-intensive sectors such as automotive, manufacturing, chemicals and real estate.

He has previously held senior finance leadership roles at companies including Puravankara Group, Deepak Fertilisers & Petrochemicals, Tata AutoComp Systems, The Timken Company, Alcatel, DuPont, Castrol and Raymond. Rastogi is both a chartered accountant and an MBA, and has advised and led equity transactions worth around $1 billion, including IPOs and cross-border mergers and acquisitions. He has also served on the boards of several listed companies.

Ola Electric noted in its filings that Rastogi will also be designated as a Key Managerial Personnel and will join its senior management team, bringing deep expertise in financial discipline, capital markets, fund-raising and strategic governance.

Key Executive Exits 

Abichandani’s resignation is the latest in a string of senior leadership departures at Ola Electric. In recent months and years, the company has seen several key executives exit, including its Chief Marketing Officer (CMO), Chief Technology Officer (CTO), Chief Business Officer and Head of Cell Operations.

Ola Electric Share Price Fell Over 8% on Tuesday

Ola Electric share price extended its losing streak, falling for the tenth consecutive session following the announcement of Abichandani’s resignation and attendance concerns around growth prospects. On January 20, 2026, shares fell more than 8% as the market reacted to the leadership change.