Mumbai, January 20, 2026: Ola Electric witnessed a sharp decline in its stock, dropping approximately 5% in early trading, following the resignation of its Chief Financial Officer, Harish Abichandani. The news has triggered investor concern over leadership stability amid ongoing market volatility.

CFO Resignation: Key Details

Harish Abichandani, who played a pivotal role in Ola Electric’s financial operations, stepped down from his position citing personal reasons. His departure, effective January 19, 2026, was formally communicated through official filings with stock exchanges.

Ola Electric promptly announced the appointment of Deepak Rastogi as the new CFO, effective January 20, 2026. Rastogi brings over three decades of experience in senior financial leadership roles across companies including Tata AutoComp, The Timken Company, DuPont, and Raymond. His appointment aims to strengthen investor confidence and ensure continuity in the company’s financial strategy.

Market Reaction

Following the announcement, Ola Electric shares fell by roughly 5%, reflecting short-term investor apprehension. Analysts noted that the resignation compounded existing market pressures, as the company’s stock had been on a downward trajectory over the preceding weeks, with a 22% decline in the last 10 sessions.

The decline underscores investor sensitivity to senior leadership changes, particularly in high-growth companies like Ola Electric that are navigating aggressive expansion and capital-intensive operations.

Context and Implications

Ola Electric has been striving to scale its electric vehicle production and expand market share in a competitive EV sector. Leadership stability is critical, especially in finance roles, to manage cash flow, capital allocation, and investor relations. The appointment of Deepak Rastogi, a seasoned executive with extensive corporate experience, is expected to mitigate concerns and provide strategic direction for the company’s financial operations.

Market observers are closely watching the company’s upcoming quarterly results and strategic initiatives, as investor sentiment remains cautiously optimistic despite the recent drop.

Takeaways