Ola Electric Shares Drop 3% Following High-Level Departures

New Delhi, Dec 30 (NationPress) The shares of Ola Electric declined by around 3% on Monday following the exit of notable high-ranking officials, including Chief Marketing Officer Anshul Khandelwal and Suvonil Chatterjee, the Chief Technology and Product Officer.

On the same day, the shares were trading below Rs 86 each, marking a drop of nearly 3%.

Khandelwal and Chatterjee announced their resignations, effective December 27, citing personal reasons.

Both executives originally joined Ola's ride-hailing division before moving to Ola Electric Mobility.

This year has seen several top executives resigning from the company as it grapples with increasing pressure.

N Balachandar, the Group Chief People Officer, departed in November after managing HR for Ola Electric, Ola Cabs, and Krutrim AI.

In October, Ravi Jain, the Business Head of Krutrim AI, and Sidharth Shakdher, CBO of Ola Mobility, also left the company.

Despite a remarkable sales surge in October due to the festive period, Ola Electric saw its vehicle registrations plummet by 33% in November.

Data from the Vahan portal indicates that Ola Electric vehicle registrations fell by 33% month-on-month, totaling 27,746 units in November, a decrease from over 40,000 units in October last year.

The decline in registrations contributed to a drop in the company's market share, which fell to 24% in November from 30% in October. However, Ola Electric continues to lead the electric two-wheeler market in terms of sales.

Under the leadership of Bhavish Aggarwal, Ola Electric has experienced sales fluctuations in recent months, attributed to rising competition and declining service and product quality.