Ola Electric shares crash 8% as CFO resigns
What's the story
Ola Electric Mobility Ltd. has announced a major change in its top management, with the resignation of Chief Financial Officer (CFO) Harish Abichandani. Following the news, the company's shares fell nearly 8% to ₹32.89 on the NSE at 1:40pm. Abichandani had been with Ola Electric since November 2023 and was instrumental in the company's successful public listing in 2024.
Departure details
Abichandani's resignation and Ola Electric's challenges
In his resignation letter dated January 19, Abichandani cited personal reasons for his decision. He thanked the entire Ola team and board for their support during his tenure. Despite a successful IPO debut in 2024, Ola Electric has been struggling with declining sales, leading to a revenue forecast cut in November last year.
New appointment
Deepak Rastogi appointed as new CFO
In the wake of Abichandani's departure, Ola Electric has appointed Deepak Rastogi as its new CFO. He joins from Puravankara Ltd., where he was in charge of financial functions. The company announced Rastogi's appointment after a board meeting on January 19. He will also be designated as key managerial personnel and will be part of the company's senior management team.
Market challenges
Ola Electric's stock performance and market competition
Ola Electric's shares have been volatile since its IPO, thanks to rising competition in India's electric two-wheeler segment and a slowdown in sales growth. Competitors like TVS Motor, Bajaj Auto, Ather Energy, and Hero MotoCorp have been steadily increasing their market share. The company also recently revised its revenue outlook for FY26 amid softer demand, raising concerns over its near-term growth prospects.