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Ola Electric Share Price in Focus After CTO, CMO, Resigns From Their Posts on Immediate Effect

Updated on: Dec 30, 2024, 4:22 PM IST
Ola Electric’s CTO and CMO resign as the company highlights its EV adoption milestone through the ‘Ola Reverse 2024’ celebration.
Ola Electric Share Price in Focus After CTO, CMO, Resigns From Their Posts on Immediate Effect
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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.

Senior Executives Step Down

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.

Ola Reverse 2024: Reflecting on EV Milestones

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.

City Highlights

  • Bengaluru retained its title as India’s EV capital, recording 22.6 million rides.
  • Bhubaneswar emerged as a leader in long-distance commutes, with an average daily travel of 30.6 kilometres.
  • Delhi and Mumbai topped Ola Maps insights in retail and restaurant search behaviours, respectively, reflecting diverse EV use cases.

Unprecedented Expansion in 2024

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.

 

 

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Published on: Dec 30, 2024, 10:07 AM IST

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