Ola Electric Stock Plummets 6% Amid CFO's Unexpected Resignation

Shares of Ola Electric Mobility fell 5.5% to Rs 33.7 apiece on January 20, lowest in nearly a month, as electric vehicle maker's CFO Harish Abichandani resigned due to personal reasons. The company named Deepak Rastogi as new CFO effective January 20. The stock fell for the tenth consecutive session and it fell 57.7% in 2025. Rastogi was most recently the group finance chief of property developer Puravankara. Under Abichandani, who had been the CFO of Ola Electric since November 2023, the company went public in a blockbuster debut in 2024. But since then, it has grappled with stalling sales, which led the firm to cut its fiscal 2026 revenue forecast in November last year. Once commanding 50% of India's e-scooter market, Ola Electric has been overtaken by rivals such as Bajaj Auto and TVS Motor, which have expanded distribution and launched similarly 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. Deepak is recognized for driving business transformation and value creation. His work has consistently resulted in margin expansion, working capital release, cost of capital reduction, ESG-linked savings, and stronger financial discipline across organizations," said Ola Electric in a stock exchange filing. Meanwhile, Ola Electric on Friday said it has secured the Bureau of Indian Standards certification and licence for Ola Shakti in a 6kW/9.1 kWh battery pack powered by 4680 Bharat Cell. Ola Shakti is the country's first residential BESS (Battery Energy Storage System) solution, which is designed, engineered, and manufactured in India. As part of this certification, Shakti underwent a comprehensive set of electrical and mechanical safety-critical tests, including short-circuit and overload protection, safeguards against fire and thermal hazards and protection from electric shock, the Bengaluru-based company said in a statement. It also underwent environmental stress testing, sonic pressure hazard evaluation, mechanical hazard assessment, and other applicable tests in accordance with BIS standards, it added.