Shares of Bhavish Aggarwal-led Ola Electric Mobility Ltd tumbled 7% in intraday trade on Monday to hit their lowest amid an insolvency petition filed in National Company Law Tribunal’s (NCLT’s) Bengaluru Bench against its subsidiary by operational creditor Rosmerta Digital Services Ltd.
The insolvency plea, seeking initiation of the corporate insolvency resolution process (CIRP) against Ola Electric Technologies Pvt Ltd, a wholly-owned subsidiary of Ola Electric Mobility, alleges default in payment towards the services rendered by Rosmerta Digital.
Reacting to the development, shares of Ola Electric hit an all-time low of ₹46.94 on the BSE, bringing down the company’s market cap to around ₹20,500 crore.
Rosmerta provides…
