Ola Electric Stock Falls 5% on CTO, CMO Resignations

30 Dec 2024 , 11:12 AM

Following the resignations of two senior executives, Chief Marketing Officer Anshul Khandelwal and Chief Technology and Product Officer Suvonil Chatterjee, with effect from Friday, Ola Electric’s shares fell 4.6% to an intraday low of Rs 85.93 on the BSE.

Both Khandelwal and Chatterjee have been with Bhavish Aggarwal’s Ola for a long time; they first joined Ola Cabs before switching to Ola Electric. Khandelwal started in 2018 as Head of Marketing, while Chatterjee came in 2017 as Head of Design. Their exits follow a string of high-level departures from Ola’s companies this year, including the AI startup Krutrim.

A key player in Ola’s upper echelons is Chatterjee, the former head of design at Flipkart.

“Formally sending in my resignation effective today December 27, 2024,” Chatterjee stated in his email of resignation.

According to Ola Electric, the executives quit for personal reasons.

“I am thankful for the chance to support Ola’s inspiring vision; it has been an amazing journey.” But for personal reasons, I would like to be released of my responsibilities as of right now,” Khandelwal stated in his letter of resignation to Harish Abichandani, the chief financial officer of Ola Electric.

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