A string of senior-level employee resignations has hit bus ticketing service redBus, with a majority of the executives feeling short-changed over the distribution of employee stock options, according to people with direct knowledge of the matter.

The highest-profile resignation so far has been Alok Goel, who was Chief Operating Officer at redBus. Mr. Goel, who has jumped ship to online recharge website FreeCharge, has, however, denied that his resignation was linked to redBus’ acquisition.

South African media conglomerate Naspers acquired the company three months ago for Rs. 800 crore.

“Some of the employees who have left feel misled as much of the gains from the acquisition went to only the founding team. At least eight to ten people have left,” said a source. redBus did not respond to requests for comment.