Ola Electric share price dropped as much as 5.3 per cent to an intra-day low of Rs 42.10 apiece. At noon, the stock was trading 5.02 per cent lower, even as the benchmark Nifty index was up 0.78 per cent. According to multiple reports, Sterling and Anevolve Mando, both suppliers to Ola Electric Technologies Private Limited, have approached the NCLT seeking insolvency proceedings against the company over unpaid dues of more than Rs 40 crore.
The report, citing filings made by Ola Electric Technologies with the Ministry of Corporate Affairs (MCA), said dues of Rs 29.8 crore owed to Sterling and Rs 10.8 crore owed to Anevolve have remained unpaid for more than 45 days. The delayed payments reportedly prompted both companies to initiate…