Robert Kubica underwent a seven-hour operation in hospital to repair the injuries to his right hand yesterday.
A statement from Lotus-Renault said the F1 driver also suffered severe cuts to his forearm, which could have an impact on his right-hand mobility.
"Doctors are reasonably satisfied with the way the operation went", says Lotus-Renault. "Robert's condition remains stable, but serious. He has been placed into an induced coma."
Kubica's right forearm was cut in two places, with ‘significant lesions to the bones and the tendons', according to Professor Mario Igor Rossello at San Paolo Hospital.
"We did our best to rebuild the functions of the forearm," said Rossello. "It took seven doctors, split into two teams and a total of seven hours to complete the operation.
"At the end of the operation, Robert's hand was well vascularised and warm, which is encouraging. Following the surgery, Robert Kubica will remain under permanent monitoring because his condition remains serious."
The F1 driver was driving a Skoda Fabia S2000 rally car when it hit a wall in the Ronde di Andora Rally in Italy yesterday morning.
Co-driver Jakub Gerber escaped unharmed, but Kubica had to be carefully removed from the wreckage by fireman and was immediately airlifted to the Santa Corona Hospital close to Genoa.
In 2003 Kubica suffered severe injuries to the same hand and was left with titanium bolts to secure the shattered bones.
It now means his start to the 2011 F1 season which kicks off in Bahrain next month has been put in jeopardy. Lotus-Renault's official third drivers are Romain Grosjean, and F1 legend Ayrton Senna's nephew, Bruno Senna.
Rubens Barrichello has offered a message of support via his Twitter page. The Brazilian said: "I would like to ask you for your best wishes to Kubica. He is being operated right now. We all like him and he deserves all the best."
2009 F1 champ Jenson Button tweeted: "Shocking news about Robert Kubica. I wish him a speedy recovery."