- By Aditya Pratap Singh
- Mon, 30 Dec 2024 11:44 AM (IST)
- Source:JND
Ola Electric Share Price: Shares of Ola Electric Mobility were down sharply on Monday after it announced the abrupt resignation of its Chief Marketing Officer Anshul Khandelwal and Chief Technology Officer Suvonil Chatterjee. In the morning, the stock opened at Rs 87.10 per share, which is a decline of 3.15 per against the previous day's closing price. The stock went on to hit an intraday low at Rs 86. Meanwhile, the 52-week high and low of the shares were 157.40 and 66.66, respectively.
In the filing with the relevant regulatory, the Bengaluru-based electric vehicle (EV) manufacturer declared the resignations, terming them personally. The changes took immediate effect as of December 27, 2024.
According to a statement issued by Ola Electric, Chief Marketing Officer Anshul Khandelwal and Chief Technology and Product Officer Suvonil Chatterjee have resigned from the Company with effect from December 27, 2024.
Anshul Khandelwal joined Ola Electric in 2019 after the company acquired Foodpanda. He was initially appointed as Head of Marketing and later shifted to Ola Electric after working with Ola Foods. He was appointed as CMO in 2022. Suvonil Chatterjee joined the company in 2017 as Head of Design and was promoted to CTO in 2021.
These exits have joined a list of recent Ola Electric leadership departures. This year, the company secretary and compliance officer Pramendra Tomar quit the company earlier this year, and in December, the chief people officer N Balachander left the company.
Restructuring and Market Expansion
Leadership changes seem to accompany some massive restructuring in the company. Ola Electric let go of 500 employees on the same day last month. Still, after sacking employees, the company revealed a pretty ambitious vision of adding 3,200 new retail stores and further growing the network to 4,000 stores, to take care of issues in the service area as well as fortify the market positioning of Ola.
Restructuring continues and high-profile exits do nothing but raise questions about strategic direction, affecting investor confidence and driving the recent slump in stocks.
