Ola Share Price Falls After Two C-Suite Executives Exit

Ola Electric Mobility Ltd. stock fell over 3% during the day after C-suite executives Suvonil Chatterjee, chief product officer and marketing officer Anshul Khandelwal both quit on Friday.

Suvonil Chatterjee, who first joined the Ola Group as Head of Design in September 2017, moved up to chief product officer in 2021. In November 2022, he took on the dual roles of chief technology and product officer. Chatterjee's exit underscores the top-level move-out at India's largest electric two-wheeler maker, even as the company expands operations.

Anshul Khandelwal, chief marketing officer of Ola Electric Mobility Ltd., resigned last week citing personal reasons, according to an exchange filing.

Khandelwal has been associated with Ola since 2018, first as the head of marketing and revenue of Foodpanda, and then as head of marketing and category of Ola Foods, and head of global marketing at Ola, according to his LinkedIn profile.

The top-level resignations, in a way, started with the exit of co-founder and Chief Technology Officer Ankit Bhati in 2019 and reached a crescendo with Chatterjee's departure. In the last couple of months, however, at least 500 employees, each earning over Rs 50 lakh/annum, have resigned.

Ola stock was trading 3.43% lower at Rs 86.50 apiece, compared to an 0.01% advance in the benchmark Nifty 50 as of 10:57 a.m.

It has fallen 4.77% on a year-to-date basis. The total traded volume so far in the day stood at 0.7 times its 30-day average. The relative strength index was at 43.72.

Five out of the seven analysts tracking this company have a 'buy' rating on the stock and two suggest a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 98.17, implying an upside of 12.4%.