Ola Electric shares tumbled nearly 7% on Monday, sinking below Rs 50 for the first time. The stock hit a record low of Rs 46.94 on the Bombay Stock Exchange (BSE) in early trade. By 10:54 am, it was trading at Rs 47.25, down 6.51%.
The slump came after the company revealed that an insolvency petition had been filed against its subsidiary, Ola Electric Technologies.
The petition was submitted by M/s. Rosmerta Digital Services, an operational creditor, at the National Company Law Tribunal (NCLT) in Bengaluru. The creditor accused Ola of defaulting on payments for services and asked for a Corporate Insolvency Resolution Process (CIRP) to be initiated.
Ola Electric issued a statement to stock exchanges, saying: “We wish to inform you…
