Ola Electric Share Price: Shares of Ola Electric Mobility slid 5.5% to Rs 33.7 apiece on January 20, hitting their lowest level in nearly a month, after Chief Financial Officer Harish Abichandani resigned
citing personal reasons.
The company announced the appointment of Deepak Rastogi as its new CFO, effective January 20.
With the latest decline, Ola Electric’s stock has fallen for the tenth straight session and is down 57.7% so far in 2025.
Rastogi previously served as group finance chief at real estate developer Puravankara.
Abichandani, who took over as CFO in November 2023, had overseen Ola Electric’s blockbuster IPO debut in 2024. However, the company has since faced slowing sales, prompting it to cut its FY26 revenue forecast in November last year.
Once commanding nearly 50% of India’s electric scooter market, Ola Electric has lost ground to rivals such as Bajaj Auto and TVS Motor, which have strengthened distribution networks and introduced competitively priced models.
“Deepak Rastogi brings deep expertise in P&L leadership, capital markets, fund-raising, M&A, IPO readiness, strategy, transformation, and governance. He has advised and led equity transactions worth around $1 billion, including IPO and cross-border M&A in recent years,” Ola Electric said in a stock exchange filing. The company added that Rastogi is known for driving margin expansion, working capital efficiency, cost of capital reduction, ESG-linked savings and stronger financial discipline.
Separately, Ola Electric said on Friday it has secured Bureau of Indian Standards (BIS) certification and licence for its Ola Shakti battery energy storage system powered by a 6kW/9.1 kWh 4680 Bharat Cell battery pack.
Ola Shakti is India’s first residential Battery Energy Storage System (BESS) solution that is designed, engineered and manufactured domestically.
The company said the product underwent extensive electrical and mechanical safety tests, including short-circuit and overload protection, fire and thermal hazard safeguards, and electric shock protection. It also cleared environmental stress testing, sonic pressure hazard evaluation, mechanical hazard assessment and other BIS-mandated checks.
