Ola Electric’s stock falls around 3 per cent after fresh high-level exits

Chief Marketing Officer Anshul Khandelwal and Suvonil Chatterjee, Chief Technology and Product Officer, step down from their roles citing personal reasons

New Delhi: The share of Ola Electric fell around 3 per cent on Monday after some fresh high-level exits at the company, including its Chief Marketing Officer Anshul Khandelwal and Suvonil Chatterjee, Chief Technology and Product Officer.

On Monday, the share was trading less than Rs 86 apiece, after falling nearly 3 per cent. Khandelwal and Chatterjee stepped down from their roles at the company, effective December 27, citing personal reasons. Both executives initially joined Ola’s ride-hailing business before transitioning to Ola Electric Mobility.

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Several top executives of the company have tendered their resignations this year as the company faces mounting pressure. N Balachandar, Group Chief People Officer, left the EV company in November after overseeing HR for Ola Electric, Ola Cabs, and Krutrim AI.

In October this year, Ravi Jain, Business Head of Krutrim AI, and Sidharth Shakdher, CBO of Ola Mobility, left the company. After a blockbuster sales figure in October due to the festive season, Ola Electric vehicle registrations dropped by 33 per cent in November.

According to Vahan portal data, the number of registrations of Ola Electric vehicles in November fell by 33 per cent on a month-on-month (MoM) basis to 27,746 units. In October last year, this figure was more than 40,000 units. Due to fewer registrations, the company’s market share dipped to 24 per cent in November, which was 30 per cent in October.

However, the company still maintains the first position in the electric two-wheeler market by sales. Bhavish Aggarwal-led Ola Electric has seen volatility in sales in recent months. The reasons for this were attributed to increasing competition in the market and poor service and product quality.