MUMBAI: Shares of Ola Electric Mobility fell over 7% to hit a record low on Monday after the company reported that one of its units faced an insolvency petition.
Shares of the electric two-wheeler maker ended at Rs 46.9, down 7.2% over its previous close. At the last close, the company was valued at Rs 20,687 crore.
Rosmerta Digital Services, a vehicle registration service provider and a creditor of Ola Electric Technologies, filed a petition against the Ola unit alleging default in payments.
The petition has been presented to the Bengaluru Bench of the National Company Law Tribunal, claiming that there has been a default in payments owed for services provided by the operational creditor and requesting the commencement of the corporate…
