Ola Electric stock plummets 5% as CTO, CMO resign citing personal reasons

Shares of Ola Electric Mobility fell 4.61 per cent at Rs 85.93 a piece on the BSE in Monday’s intraday trade. Ola Electric share price dropped after Ola Electric announced the departure of two senior executives, Chief Marketing Officer Anshul Khandelwal and Chief Technology Officer Suvonil Chatterjee due to personal reasons. 

 

Chatterjee, who joined Ola six years ago as Head of Design, was instrumental in the development of key products such as Ola Krutrim and Ola Maps. He was promoted to Chief Technology and Product Officer in 2021. 

Khandelwal, who became part of Ola in 2019, initially worked as Head of Marketing and Revenue at Foodpanda, which Ola acquired in 2020. He later served as Head of Marketing at Ola Foods before rising to the role of CMO at Ola Electric. 

 

These exits follow a string of leadership changes at the company. In 2019, co-founder and former Chief Technology Officer Ankit Bhati stepped down. Earlier this year, the company saw the departure of Pramendra Tomar, its company secretary and compliance officer, and recently, N Balachandar, Chief People Officer of the Ola Group, left the organization in mid-December. 

The leadership shifts come shortly after Ola Electric revealed its plans to expand its retail and service network significantly, growing from 800 to 4,000 outlets across India. 

On the financial front, Ola Electric reported a reduction in its net losses for the July-September quarter, thanks to higher sales and reduced raw material costs. The company posted a consolidated net loss of Rs 495 crore, down from Rs 524 crore in the same quarter the previous year. Revenue saw a robust year-on-year growth of 39 per cent, climbing to Rs 1,214 crore from Rs 873 crore. 

The company has a total market capitalisation of Rs 53,459.76 crore. At 09:29 AM, the stock price of the company advanced by 2.68 per cent at Rs 7.67 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.16 per cent to 78,573.09 level.