Ola Electric announced on Monday evening, January 19, that Harish Abichandani had put in his papers citing “personal reasons.” Abichandani had been a key figure in the Ola Group since 2017 and was instrumental in the company’s blockbuster IPO in 2024.
The Market Reaction: A 10-Day Downward Spiral
The news triggered a fresh round of selling on Tuesday, sending the stock to an intraday low of ₹32.80 on the NSE.
- Double-Digit Decline: The stock has now fallen for 10 consecutive sessions, losing approximately 24% of its value in that period.
- Below IPO Price: Currently trading near ₹33, the stock is down more than 55% from its IPO price of ₹76 and a staggering 78% from its post-listing high of ₹157.
- Volume Surge: Trading activity spiked to 1.3 times the 30-day average volume, indicating high institutional and retail exit pressure.
Meet the New CFO: Deepak Rastogi
To fill the vacancy, Ola Electric’s board has moved swiftly to appoint Deepak Rastogi as the new CFO, effective January 20, 2026.
- Background: Rastogi is a veteran finance leader with over 30 years of experience.
- Previous Roles: He most recently served as the Group CFO at Puravankara Limited and has held leadership positions at Deepak Fertilisers, Tata AutoComp Systems, and Castrol.
- Mandate: His immediate priority will be to stabilize the company’s financial narrative amid a sharp 43% YoY revenue decline (reported in Q2 FY26) and persistent operational losses.
Institutional & Operational Headwinds
Investors are increasingly worried about the “talent exodus” at the top levels of the firm. Over the last few months, Ola has seen the departure of its heads for cell operations, marketing, and technology.
| Metric | Status (Jan 20, 2026) | Trend |
| Market Share (E-2W) | ~15% | Down from 35% in 2024 |
| Stock Price | ₹33.00 | 10-Day Losing Streak |
| Market Cap | ~₹14,700 Crore | Eroding |
| Promoter Action | Bhavish Aggarwal sold ~4% stake in Dec | To repay loans |
Analyst View: A Structural Downtrend
Technical analysts at Choice Equity Broking suggest the stock is firmly entrenched in a bearish pattern, having broken below the crucial ₹35–36 support zone. The next immediate support is seen at ₹30; a breach below this level could trigger a move toward the ₹25–27 range as the company struggles to reclaim the ground lost to rivals like Bajaj Auto and TVS Motor.
Conclusion
While the appointment of a seasoned veteran like Deepak Rastogi offers some hope for institutional stability, Ola Electric remains in a defensive crouch. The combination of senior leadership churn, falling registrations, and the recent SoftBank stake reduction has created a “trust deficit” that the company must address in its upcoming Q3 FY26 earnings call.
