Ola Electric Shares Fall 3 percentage After Resignation of Senior Executives

resr 5paisa Research Team

Last Updated: 30th December 2024 - 05:22 pm

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The share price of Ola Electric Mobility declined by over 3%, reaching ₹87.35 during early trading on Monday, December 30, following the resignation of two senior executives: Chief Marketing Officer (CMO) Anshul Khandelwal and Chief Technology and Product Officer (CTO) Suvonil Chatterjee.

 

In an announcement on Friday, December 27, the Bengaluru-based electric vehicle (EV) manufacturer revealed that both executives had stepped down with immediate effect, citing personal reasons. This information was disclosed in a regulatory filing made public on the same day.

“We would like to inform you that Mr. Anshul Khandelwal, Chief Marketing Officer, and Mr. Suvonil Chatterjee, Chief Technology and Product Officer, have submitted their resignations effective December 27, 2024,” the company stated in the exchange filing.

Notable Leadership Exits

Anshul Khandelwal, who joined Ola Electric in 2019 following the acquisition of Foodpanda, where he served as Head of Marketing, later transitioned to Ola Foods before becoming the CMO of Ola Electric in 2022. Suvonil Chatterjee, who began his journey with the company in 2017 as Head of Design, was promoted to CTO in 2021.

These resignations contribute to an ongoing pattern of senior-level departures at Ola Electric. Earlier in 2024, Pramendra Tomar, the company secretary and compliance officer, exited the firm, followed by the resignation of Chief People Officer N. Balachandar in December. These developments coincide with a major restructuring initiative that saw the company lay off 500 employees last month.

Despite these changes, Ola Electric remains focused on aggressive expansion. The company recently unveiled plans to significantly grow its retail network by adding 3,200 new outlets in a single day, targeting a total of 4,000 stores. This move aims to enhance its market presence and address customer service challenges.

Regulatory Challenges

Meanwhile, Ola Electric faces increased regulatory scrutiny. India’s heavy industry ministry is conducting an audit of its service centres, while the Central Consumer Protection Authority issued a notice to the company in October 2024. The notice outlined allegations of customer rights violations, misleading advertisements, and unfair trade practices.

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