Ola Electric shares tanked over 7% on Monday, hitting a 52-week low and sinking below Rs 50 for the first time.
The stock dropped to a record low of Rs 46.40 on the Bombay Stock Exchange (BSE) in early trade. By 3:00 pm, it was trading at Rs 46.95, down 7.10%.
The fall came after the company disclosed that an insolvency petition had been filed against its subsidiary, Ola Electric Technologies.
WHY DID OLA ELECTRIC SHARES FALL?
The National Company Law Tribunal (NCLT) in Bengaluru received a petition from M/s Rosmerta Digital Services, an operational creditor, accusing Ola Electric of defaulting on payments for services. The creditor has asked the tribunal to start a Corporate Insolvency Resolution Process (CIRP) against Ola Electric…
