India’s largest pure-play electric vehicle (EV) company, Ola Electric share price remains in focus after two senior executives, Chief Technology and Product Officer Suvonil Chatterjee and Chief Marketing Officer Anshul Khandelwal, resigned, effective Friday. Their departures come at a time when Ola is celebrating ‘Ola Reverse 2024’ in its push for EV adoption across the country.
On December 30, 2024, Ola Electric share price plunged 3.70%, reaching an intra-day low of ₹86.76 at 9:23 AM (IST). According to BSE data, the stock recorded a total traded volume of 4.54 lakh shares, resulting in a turnover of ₹3.94 crore.
Chatterjee and Khandelwal, who had longstanding tenures with Bhavish Aggarwal-led Ola, initially joined Ola Cabs before transitioning to Ola Electric. Chatterjee began his journey with the company in 2017 as Head of Design, later spearheading projects like Ola Krutrim and Ola Maps, before being promoted to Chief Technology and Product Officer in 2021.
Khandelwal, on the other hand, joined in 2018 as Head of Marketing and Revenue at Foodpanda, later transitioning to roles at Ola Foods and eventually becoming Chief Marketing Officer at Ola Electric.
Their exits add to a string of top-level resignations this year, including the departure of Ola Group Chief People Officer N. Balachandar last month. These leadership changes come amidst a broader restructuring within Ola’s businesses, including its AI venture, Ola Krutrim.
Despite the leadership shake-up, Ola Electric unveiled its annual reflection, ‘Ola Reverse 2024’, on December 27. This report highlights India’s extraordinary strides in EV adoption, with critical insights into the growing impact of the Ola S1 community on commuting habits, environmental benefits, and economic savings.
In 2024, the Ola S1 scooter community collectively saved ₹1,300 crores in fuel costs, covering 5.5 billion kilometers with over 8 lakh active users. The report underscores the environmental impact, with significant reductions in CO2 emissions and enhanced EV utility for daily commutes.
Ola Electric also marked a year of robust growth in its distribution network, expanding to 4,000 stores nationwide, a four-fold increase. This move, which includes over 3,200 new co-located service facilities, is one of the most significant expansions in EV infrastructure globally.
This expansion, alongside strong adoption in Tier-2 and Tier-3 cities, has bolstered Ola Electric’s mission of making EVs the preferred choice for Indian commuters.
While the resignation of senior executives raises questions about internal dynamics, Ola Electric’s milestones underscore its commitment to leading India’s EV revolution.
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Published on: Dec 30, 2024, 10:07 AM IST
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