Shares of Ola Electric Mobility Limited tumbled 7.23 per cent, or Rs 3.65, on Monday, hitting a record low of Rs 46.86 on the National Stock Exchange (NSE).
With this drop, Ola Electric’s stock fell below the Rs 50 mark for the first time. The company’s shares have now fallen 37 per cent from its issue price of Rs 76 per share and is down 70 per cent from its post-listing high of Rs 157.
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Over the past month alone, the stock has declined by 18 per cent. The sharp decline came after the company disclosed that an insolvency petition had been filed against its wholly-owned subsidiary, Ola Electric Technologies, by Rosmerta Digital Services.
In a filing over the weekend, the company confirmed…
