Ola Electric witnessed a nearly 3 percent drop in its share value on Monday following high-profile exits, including Chief Marketing Officer Anshul Khandelwal and Chief Technology and Product Officer Suvonil Chatterjee.

The company’s shares were trading below Rs 86 apiece, reflecting the impact of these departures. Both executives officially stepped down from their roles on December 27, citing personal reasons for their decisions.

Anshul Khandelwal and Suvonil Chatterjee have been integral to Ola’s journey under Bhavish Aggarwal’s leadership. Suvonil Chatterjee joined Ola as Head of Design in 2017, while Anshul Khandelwal began in 2018 as Head of Marketing.

Initially part of Ola’s ride-hailing business, both transitioned to play pivotal roles in Ola Electric Mobility. This marks the latest in a series of senior-level resignations at Ola Electric this year, as the company grapples with increasing operational and market challenges.

N Balachandar, Group Chief People Officer, left the EV company in November after overseeing 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 per cent in November. According to Vahan portal data, the number of registrations of Ola Electric vehicles in November fell by 33 per cent on a month-on-month (MoM) basis to 27,746 units. In October last year, this figure was more than 40,000 units.

Due to fewer registrations, the company’s market share dipped to 24 per cent in November, which was 30 per cent in October. However, the company still maintains the first position in the electric two-wheeler market by sales. Bhavish Aggarwal-led Ola Electric has seen volatility in sales in recent months. The reasons for this were attributed to increasing competition in the market and poor service and product quality. (With IANS Inputs)