BENGALURU, Jan 22, 2026, 05:24 IST
- Ola Electric announced that CFO Harish Abichandani stepped down effective Jan. 19, with Deepak Rastogi set to take the reins starting Jan. 20
- Shares dropped up to 8.2% on Jan. 20, stretching their losing streak to 10 sessions.
- Analysts eye ₹30 as a key support level in the near term for the stock
Shares of Ola Electric Mobility tumbled sharply this week after the company announced CFO Harish Abichandani had resigned, with Deepak Rastogi stepping into the role. The stock plunged as much as 8.2%, hitting ₹32.80 on Tuesday, before settling around a 7.5% loss by early afternoon.
The CFO departure comes amid rising tension. Ola’s shares have been slipping for several days, and losing a top executive usually rattles investors even more when nerves are already frayed.
Ola has attributed recent struggles to slowing sales and cut its fiscal 2026 revenue forecast back in November. Once claiming around half of India’s e-scooter market, it has since been overtaken by Bajaj Auto and TVS Motor. The company also announced it recently received national standards clearance for its Shakti home battery product.
According to filings reported by Business Standard, Ola said Abichandani resigned for personal reasons, effective after the close on Jan. 19. The board named Rastogi as his replacement. The stock dropped over 7% Tuesday, marking its tenth straight day down. Aakash Shah, technical analyst at Choice Equity Broking, noted the shares are “trading below all key moving averages,” a key chart indicator traders use to assess trends. https://www.business-standard.com/markets/news/ola-electric-shares-drop-7pc-as-cfo-resigns-stock-slides-24pc-in-10-sessions-126012000401_1.html
Rastogi, who stepped in as CFO on Jan. 20, will also be listed as “key managerial personnel” under Indian listing regulations—a designation for senior executives that companies must make public. With over 30 years of experience, he’s held roles at Puravankara Group, Deepak Fertilisers & Petrochemicals, Tata AutoComp Systems, among others, according to regulatory filings. https://www.exchange4media.com/people-movement-news/deepak-rastogi-named-ola-electric-cfo-151199.html
But the new hire alone might not steady the stock. Anshul Jain, head of research at Lakshmishree, cautioned that if the price slips below the recent low, it could target a further drop near 24, as the share slips back toward the ₹30–₹31 range.
Ola Electric dropped 8.87% on Tuesday, closing at ₹32.56, and edged up slightly to ₹32.89 on Wednesday, per Investing.com data. The stock’s 52-week range spans from ₹30.76 to ₹80.80.
The company hasn’t provided further details on Abichandani’s exit, only mentioning personal reasons. Rastogi steps into the role as Ola’s market value faces pressure and competition intensifies in electric scooters, with established players rolling out similarly priced models and expanding dealer networks.
