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Ola Electric CFO Harish Abichandani resigns; Deepak Rastogi takes over

EntrackrEntrackr · 1m ago
Ola Electric CFO Harish Abichandani resigns; Deepak Rastogi takes over
Medial

Ola Electric CFO Harish Abichandani resigns; Deepak Rastogi takes over Ola Electric Mobility Limited has announced a change in its top finance leadership with the resignation of Chief Financial Officer Harish Abichandani, according to a regulatory filing. Abichandani has stepped down from his role citing personal reasons, with his resignation effective immediately. Following his exit, the board has approved the appointment of Deepak Rastogi as the new Chief Financial Officer, effective January 20, 2026. Rastogi will also be designated as a Key Managerial Personnel and will join the company’s senior management team. Rastogi brings over three decades of experience across capital-intensive sectors. Before joining Ola Electric, he held senior finance and leadership positions at Puravankara Group, Deepak Fertilisers & Petrochemicals, and Tata AutoComp Systems, among others. The leadership change comes amid a broader period of investor reshuffling at Ola Electric. Early investor SoftBank recently sold a 2.15% stake in Ola Electric via open-market transactions between September 2025 and January 2026, reducing its holding in the EV maker to around 13.53%.

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Ola Electric revenue declines 55% to Rs 470 Cr in Q3 FY26

EntrackrEntrackr · 17d ago
Ola Electric revenue declines 55% to Rs 470 Cr in Q3 FY26
Medial

Ola Electric’s revenue continues its downward spiral with yet another sharp drop in the latest quarter. The EV maker’s revenue shrank by 55% year-on-year during the third quarter of FY26. However, the Bengaluru-based firm managed to cut its losses by 14% in the period. Ola Electric's revenue from operations reduced to 470 crore in Q3 FY26, compared to Rs 1,045 crore in the previous year of the same quarter, its consolidated financial statements sourced from the National Stock Exchange (NSE) show. Electric scooter sales remained the primary revenue driver for Ola Electric in the first quarter of FY26, while battery sales contributed only a marginal portion. Other income related to batteries and automobiles took the company’s total revenue of Rs 504 crore in Q3 FY26, down sharply from Rs 1,172 crore in the same quarter last year. Procurement costs accounted for 31% of Ola Electric’s total expenses in Q3 FY26, standing at Rs 309 crore, according to the company’s disclosure on NSE. Employee benefits decreased by 10% to Rs 92 crore in Q3 FY26. Overall, the company controlled its total expense decreased by 43% to Rs 991 crore in Q3 FY26 from Rs 1,736 in Q3 FY25. Small scale and controlled expenses helped Ola Electric to cut its losses by 14% year-on-year to Rs 487 crore in Q3 FY26, compared to Rs 564 crore in the same quarter last year. On a sequential basis, the company’s losses increased 17% from Rs 418 crore in Q2 FY26. Last month, Ola Electric's Chief Financial Officer, Harish Abichandani, resigned for personal reasons, according to a regulatory filing. Deepak Rastogi has been approved by the board as the new CFO and Key Managerial Personnel. Ola Electric’s electric two-wheeler market share fell from 24.8% in January 2025 to under 6% in January 2026 as registrations declined. In contrast, Ather Energy increased its share during the period, while TVS Motor and Bajaj Auto maintained steady volumes. The shift indicates a redistribution of market share among established and emerging players. Following the release of its quarterly results, Ola Electric was trading at Rs 31 per share at the end of the trading session. The company’s market capitalization stood at Rs 13,638 crore ($1.5 billion).

Ola Electric’s Secretary and Compliance Officer Pramendra Tomar resigns

YourStoryYourStory · 1y ago
Ola Electric’s Secretary and Compliance Officer Pramendra Tomar resigns
Medial

- Pramendra Tomar, secretary and compliance officer of Ola Electric, has resigned citing personal reasons and commitments. - The resignation is effective from October 1, according to a BSE filing. - Ola Electric is in the process of appointing a new candidate for the position of company secretary. - Tomar joined Ola Electric in 2022 and has considerable experience as a corporate lawyer and in company secretarial positions. - Ola Electric's shares have been struggling at the stock exchanges, with the price dropping below Rs 100 on Monday but regaining some ground on Tuesday. - The company reported a second straight month of sales drop in September, while competitors such as Ather Energy, TVS Motor, and Bajaj Auto saw sales numbers rise. - Ola Electric has been facing numerous complaints about its vehicles, and it has created a new service team to address these issues. - In September, Ola Electric introduced the 'Network Partner Program' to expand its sales and service networks across India and onboard 10,000 partners by 2025. - Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric (Disclaimer).

Ola Electric Business Head for Cell Vishal Chaturvedi resigns

EntrackrEntrackr · 2m ago
Ola Electric Business Head for Cell Vishal Chaturvedi resigns
Medial

Snippets Ola Electric Business Head for Cell Vishal Chaturvedi resigns According to the regulatory filing, Chaturvedi stepped down with effect from December 31, 2025, citing personal commitments as the reason for his departure. Ola Electric Mobility has informed stock exchanges that Vishal Chaturvedi, Business Head for Cell and part of its senior management personnel, has resigned from his role. According to the regulatory filing, Chaturvedi stepped down with effect from December 31, 2025, citing personal commitments as the reason for his departure. This is the first senior-management level resignation disclosed by Ola Electric in 2025. In the same period last year, the company had seen multiple top-level exits, including Chief Marketing Officer Anshul Khandelwal and Chief Technology Officer Suvonil Chatterjee, who stepped down in December 2024. Ola Electric’s cell division remains a key part of its vertical integration strategy. The company has been scaling the use of its indigenously developed 4680 Bharat Cell across select scooter and motorcycle models. As part of this effort, Ola Electric recently received government certification under CMVR norms for its Roadster X+ electric motorcycle, which is powered by the 4680 Bharat Cell battery pack. The certification allows the company to begin deliveries and supports a wider rollout of its in-house cell technology. In related developments, Ola Electric recently secured Rs 366.78 crore in incentives under the government’s Production Linked Incentive (PLI) Scheme for Automobile and Auto Components for the financial year ended March 2025. The incentives are linked to the company’s manufacturing and localisation initiatives.

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