The share of Ola Electric fell around 3% on Monday after some fresh high-level exits at the company, including its Chief Marketing Officer Anshul Khandelwal and Suvonil Chatterjee, Chief Technology and Product Officer.
The share was trading less than INR 86 apiece on Monday, having fallen nearly 3% from the previous close.
Khandelwal and Chatterjee resigned from the position at the company effective 27 December, stating that they have personal reasons to do so. The executives had initially joined Ola's ride-hailing business before joining Ola Electric Mobility. Several of the company's top executives resigned this year as pressure against the company mounts.
N Balachandar, Group Chief People Officer, had left the EV company in November after managing HR for Ola Electric, Ola Cabs, and Krutrim AI.
In October this year, Ravi Jain, Business Head of Krutrim AI, and Sidharth Shakdher, CBO of Ola Mobility, left the company. After a blockbuster sales figure in October due to the festive season, Ola Electric vehicle registrations dropped by 33% in November.
According to Vahan portal data, the number of registrations of Ola Electric vehicles declined by 33% MoM to 27,746 units in November.
This figure was more than 40,000 units in October last year.
Due to fewer registrations, the company's market share dipped to 24% in November, which was 30% in October. However, the company still maintains the first position in the electric two-wheeler market by sales.
Ola Electric, led by Bhavish Aggarwal, has witnessed volatile sales in recent months. The reasons were attributed to increasing competition in the market and poor service and product quality.
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