Ola Electric share price tumbles 3% after resignation of top officials
- Ola Electric’s stock fell by 3% after the resignation of Chief Marketing Officer Anshul Khandelwal and Chief Technology and Product Officer Suvonil Chatterjee was announced by the company.
Ola Electric Mobility share price fell over 3 per cent to ₹87.35 during the early trading session on Monday, December 30 after the resignation of Chief Marketing Officer (CMO) Anshul Khandelwal and Chief Technology and Product Officer (CTO) Suvonil Chatterjee.
Ola Electric Mobility announced the resignation of its CTO and CMO, effective immediately, from Friday, December 27. The Bengaluru-based electric vehicle (EV) manufacturer cited personal reasons for their departure in a regulatory filing made public on Friday.
“We hereby inform you that Mr. Anshul Khandelwal, Chief Marketing Officer, and Mr. Suvonil Chatterjee, Chief Technology and Product Officer, have tendered their resignation with effect from December 27, 2024,” the company stated in an exchange filing.
Leadership Changes and Senior-Level Departures
Anshul Khandelwal joined Ola Electric in 2019 after the acquisition of Foodpanda, where he served as Head of Marketing. Following a tenure at Ola Foods, he transitioned to Ola Electric and assumed the role of CMO in 2022. Suvonil Chatterjee joined Ola Electric in 2017 as Head of Design and was promoted to CTO in 2021.
Their resignations add to a trend of senior-level departures at the company. Earlier in 2024, company secretary and compliance officer Pramendra Tomar left the firm, followed by Chief People Officer N Balachandar in December. These changes come on the heels of a significant restructuring move by Ola Electric, which included laying off 500 employees last month.
The resignations come as Ola Electric is aggressively expanding its retail footprint. Earlier this week, the company announced an ambitious plan to grow its network to 4,000 stores by adding 3,200 outlets in a single day. The expansion is part of Ola’s efforts to strengthen its market presence and address service-related concerns raised by customers.
The EV giant is also under regulatory scrutiny, with India’s heavy industry ministry conducting an audit of its service centres. The Central Consumer Protection Authority served the company a notice in October 2024 over alleged customer rights violations, misleading advertising, and unfair trade practices.
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