Ola Electric, a prominent electric two-wheeler manufacturer, has announced the appointment of Deepak Rastogi as its new finance chief, with his role set to commence on January 20, 2026. Rastogi will be taking over from Harish Abichandani, who has served as the company's CFO since November 2023.

Deepak Rastogi brings a wealth of experience to Ola Electric. Most recently, he held the position of Group Chief Financial Officer at Puravankara, one of India’s leading real estate developers known for its residential and commercial projects across key urban markets. He had stepped down from Puravankara a few months prior to this announcement, citing personal reasons.

Academically, Rastogi is highly qualified. He earned a Master of Business Administration (MBA) in Finance and International Business from SP Jain Institute of Management & Research (SPJIMR), completing his studies between 2003 and 2005. Additionally, he is a qualified Chartered Accountant (CA) from the Institute of Chartered Accountants of India, reinforcing his strong foundation in finance and accounting.

His extensive career before Puravankara includes serving as the President and Group CFO at Deepak Fertilisers And Petrochemicals Corp. Ltd. Furthermore, he has held multiple senior leadership roles at various companies, including Tata AutoComp Systems, The Timken Company, and Castrol. According to his LinkedIn profile, Rastogi possesses a proven track record in critical financial areas such as tax and treasury management, legal entity restructuring, shared services, and technology centers, complemented by diverse international experience across several sectors.

The change in financial leadership at Ola Electric comes amidst a challenging period for the company. Under the tenure of the outgoing CFO, Harish Abichandani, Ola Electric successfully completed a highly anticipated public listing in 2024. However, since its debut on the stock market, the company has grappled with stalling sales, which led to a downward revision of its fiscal 2026 revenue forecast in November last year.

Ola Electric, which once commanded an impressive 50% market share in India's e-scooter market, has seen its dominance wane. Rivals such as Bajaj Auto and TVS Motor have surpassed Ola Electric's market share, primarily by expanding their distribution networks and introducing similarly priced models, intensifying the competitive landscape in the electric two-wheeler segment.

The company's stock performance reflects these challenges. On Monday's trading session, the Bhavish Aggarwal-led EV maker's stock slipped 4% to close at ₹35.73. While it posted a one-month gain of approximately 6%, data from the Bombay Stock Exchange (BSE) reveals a significant decline of over 50% in Ola Electric's stock price over the past year, including a nearly 40% drop over the last six months.