Ola Shares Tumble 4.6% Post High-Level Exits

Just two days ago, two more top executives, chief marketing officer (CMO) Anshul Khandelwal and chief technology and product officer (CTPO) Suvonil Chatterjee resigned

Since its listing in the stock market on  August 9 at INR 75.99, the stock has given an 18.55% return at the previous closing price

The company’s market share in the electric two-wheeler market remained in the 20-25% range by November from over 30% at the beginning of the year

Shares of Ola Electric tumbled as much as 4.6% at INR 85.93 during the intraday trading today (December 30). 

This comes after a slew of executive-level exits in the company. Just two days ago, two more top executives, chief marketing officer (CMO) Anshul Khandelwal and chief technology and product officer (CTPO) Suvonil Chatterjee resigned immediately. 

Not to mention, its chief human resources officer (CHRO) N Balachandar also departed a few days ago. 

At 10:45 AM today, the stock was trading 3.54% lower at INR 86.90 on the BSE. As many as 1.8 Cr shares traded hands by 10:45 AM with the company’s market capitalisation at INR 38,338.93 Cr by then. 

While the stock is down 7% in the last 5 days, it has run up a mere 1% in the last one month. 

However, since its listing in the stock market on  August 9 at INR 75.99, the stock has given an 18.55% return at the previous closing price. 

In fact, within a few sessions after its listing, the stock hit all-time high at INR 157.53 on the BSE on August 20. However, the stock has gone downhill since then to record its all-time low of INR 66.60 on November 22. 

While Ola’s meteoric rise captured the attention of stock market investors and analysts alike, its journey this year has also been riddled with missteps – customer complaints, fire incidents, and how Aggarwal handled these negative incidents.

Having said so, it must be noted that overall Ola Electric did maintain its leading position in the market in terms of sales and ascertained its ability to beat its competitors. 

The company’s market share in the electric two-wheeler market remained in the 20-25% range by November from over 30% at the beginning of the year. 

However, the electric vehicle maker ended up losing some market share during the year amid a deteriorating public image and the growing strength of players like TVS Motor and Bajaj Auto.

Despite these setbacks, the EV major continued making further announcements and product forays throughout 2024, including electric motorcycles, electric three-wheelers, and low-speed electric scooters.