Ola Electric shares declined by 3% on December 30, 2024, amid continued leadership turbulence, raising serious concerns among investors. The company's Chief Marketing Officer, Anshul Khandelwal, and Chief Technology & Product Officer, Suvonil Chatterjee, tendered their resignations on December 27, citing personal reasons.

Senior Executive Exits

Khandelwal and Chatterjee were instrumental figures in Ola’s journey.

• Anshul Khandelwal: Joined as Head of Marketing in 2018, later becoming the Chief Marketing Officer.
• Suvonil Chatterjee: Began his stint at Ola in 2017 as Head of Design before transitioning to Ola Electric Mobility as Chief Technology & Product Officer.

Both executives initially worked in Ola’s core ride-hailing business before moving to its electric mobility arm.

Ongoing Trend of Departures

The latest resignations are part of a pattern of high-profile exits at Ola across 2024:

• November 2024: N Balachandar, Group Chief People Officer, exited after overseeing HR for Ola Electric, Ola Cabs, and Krutrim AI.
• October 2024: Ravi Jain, Business Head of Krutrim AI, and Sidharth Shakdher, CBO of Ola Mobility, departed. Shakdher joined Paytm after a short nine-month stint at Ola.
• May 2024: Ola Cabs CFO Kartik Gupta resigned after a brief tenure.
• Early 2024: Hemant Bakshi, Ola Cabs CEO, exited just three months into his role.

These exits, especially from leadership roles, have put a spotlight on the company’s work culture and retention policies under founder Bhavish Aggarwal.

Impact on Investor Sentiment

The market reacted swiftly to the news, with Ola Electric shares dropping by over 3% on December 30. The consistent churn of senior executives has sparked concerns over the stability and sustainability of Ola’s leadership. Investors fear that these departures might adversely impact the company’s strategic initiatives and long-term vision.

Challenges for Ola

Under the leadership of Bhavish Aggarwal, Ola Electric has been at the forefront of India’s EV revolution. However, the repeated exodus of senior talent raises questions about:

1. Workplace Environment: Concerns about an intense work culture have been voiced in the past.
2. Strategic Continuity: The departure of key personnel could disrupt ongoing initiatives.
3. Leadership Stability: Retaining experienced leaders is crucial for sustaining investor confidence.

Future Outlook

To address these challenges, Ola Electric must:

• Implement employee retention strategies to foster a more stable leadership team.
• Strengthen internal policies to promote a healthier work culture.
• Communicate a clear plan to investors to regain their confidence.

The company’s ability to manage this crisis will determine its performance in the coming months, particularly as it navigates a competitive and fast-evolving EV market.

The Upcoming IPOs in this week and coming weeks are Indo Farm, Technichem Organics, Leo Dry Fruits, Davin Sons, Fabtech Technologies and Standard Glass Lining. The Current active IPO is Citichem India and Anya Polytech.