Shares of Ola Electric Mobility Ltd slumped 5% on 30 December after the company announced that two top executives, Chief Marketing Officer Anshul Khandelwal and Chief Technology Officer Suvonil Chatterjee, have resigned, stating personal reasons. 

Chatterjee, who became Head of Design at Ola six years ago, played a crucial role in the creation of important products, including Ola Maps and Ola Krutrim. In 2021, his title was elevated to Chief Technology and Product Officer.

Khandelwal was the Head of Marketing and Revenue of Foodpanda, which Ola acquired in 2020, before joining Ola in 2019. He was Head of Marketing at Ola Foods before joining Ola Electric as CMO.

These exits follow a string of leadership changes at the organization. In 2019, co-founder and former Chief Technology Officer Ankit Bhati stepped down. The company’s compliance officer and secretary, Pramendra Tomar, quit earlier this year, and the chief people officer of the Ola Group, N Balachandar, also left in mid-December.

Following Ola Electric’s declaration that it plans to significantly expand its retail and service network from 800 to 4,000 outlets across India, there have been changes in leadership.

Ola Electric reported decreased net losses for the July–September quarter as a result of higher sales and lower raw material prices. The company posted a combined net loss of Rs 495 crore, down from Rs 524 crore in the same quarter the previous year. Revenue rose from Rs 873 crore to Rs 1,214 crore, a solid 39% year-over-year growth.
 
At 11:25 am, the shares of Old Electric were trading 3.81% lower at Rs 86.50 on NSE. 

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