Electric two-wheeler manufacturer Ola Electric announced a significant leadership change on Monday. The company has appointed Deepak Rastogi as its new Chief Financial Officer. This appointment will become effective from 20 January 2026.
New Finance Chief Takes Over
Deepak Rastogi will succeed Harish Abichandani at Ola Electric. The company confirmed this development through an official statement. Rastogi most recently served as the Group Chief Financial Officer at real estate developer Puravankara Limited.
He stepped down from his position at Puravankara just a few months ago. The real estate company focuses on residential and commercial projects across India's key urban markets. Rastogi cited personal reasons for his resignation from Puravankara.
Deepak Rastogi's Professional Background
Rastogi brings extensive financial expertise to his new role at Ola Electric. He holds a Master of Business Administration in Finance and International Business from SP Jain Institute of Management & Research. He completed his MBA between 2003 and 2005.
He is also a qualified Chartered Accountant from the Institute of Chartered Accountants of India. This qualification provides him with a strong foundation in finance and accounting principles.
Previous Corporate Experience
Before joining Puravankara, Rastogi worked with Deepak Fertilisers And Petrochemicals Corporation Limited. He served as President and Group Chief Financial Officer there. His career includes multiple senior roles with prominent companies.
He has worked with Tata AutoComp Systems, The Timken Company, and Castrol. According to his LinkedIn profile, Rastogi has demonstrated expertise in several key areas. These include tax and treasury management, legal entity restructuring, shared services, and technology centers.
His professional experience spans diverse international sectors. This background gives him a broad perspective on financial management across different industries.
Ola Electric's Recent Challenges
Harish Abichandani served as Ola Electric's CFO from November 2023 until this transition. During his tenure, the company achieved a major milestone. Ola Electric successfully went public in 2024 with a highly anticipated blockbuster debut.
However, the company has faced significant challenges since its public listing. Sales have stalled in recent months, creating pressure on the electric vehicle maker. This situation prompted Ola Electric to revise its financial projections.
In November last year, the company lowered its revenue forecast for fiscal year 2026. This adjustment reflects the competitive pressures in India's electric vehicle market.
Market Share Dynamics
Ola Electric once commanded an impressive 50% market share in India's e-scooter segment. Over time, this dominant position has eroded. Rivals including Bajaj Auto and TVS Motor have captured significant market share.
These competitors have expanded their distribution networks aggressively. They have also launched similarly priced models that appeal to Indian consumers. This increased competition has directly impacted Ola Electric's market position.
Stock Performance Trends
Ola Electric's stock declined by 4% during Monday's trading session. The share price closed at ₹35.73 on the Bombay Stock Exchange. Despite this daily decline, the company's stock showed a one-month gain of approximately 6%.
The longer-term picture reveals more significant challenges. Over the past year, Ola Electric's stock has plummeted by more than 50%. This decline includes a nearly 40% drop over the last six months alone.
These stock performance figures highlight the financial pressures facing the electric vehicle manufacturer. The appointment of a new CFO represents a strategic move to address these challenges.
