Ola Electric shares hits 52-week low, subsidiary faces insolvency petition
Ola Electric Mobility Limited disclosed Saturday that its wholly owned subsidiary, Ola Electric Technologies Private Limited, faces an insolvency petition filed by Rosmerta Digital Services Limited. The petition was submitted to the National Company Law Tribunal (NCLT) in Bengaluru under Section 9 of the Insolvency and Bankruptcy Code.
Rosmerta Digital Services, an operational creditor, alleges default in payments for services rendered and seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the subsidiary.
Ola Electric stated it “strongly disputes the claims made” and has “sought appropriate legal advice” to protect its interests in the matter.
Shares of Ola Electric plunged 6.14 per cent to ₹47.41 today at 10.25 am, touching their 52-week low of ₹47.40. The stock opened at ₹49.98 against the previous close of ₹50.51.
