The free fall in Ola Electric share price came after Rosmerta filed an insolvency petition against its subsidiary Ola Electric Technologies for allegedly defaulting on payment
Shares of Ola Electric
Mobility plummeted over 7% in the morning trade today to hit an all-time low at INR 46.94 apiece, dragged down by the company’s disclosure that one of its subsidiaries is facing bankruptcy proceedings.
In an exchange filing on Saturday (March 15), the Bhavish Aggarwal-led company said that Rosmerta Digital Services filed an insolvency plea before the Bengaluru bench of the National Company Law Tribunal (NCLT) against its subsidiary Ola Electric Technologies.
Rosmerta has alleged that Ola Electric Technologies defaulted on payments…
