Shares of Ola Electric Mobility Ltd. fell nearly 8% on Monday to hit fresh all-time low after Rosmerta Digital Services Pvt. Ltd., a vendor of the company, sought the initiation of insolvency proceedings against a wholly owned subsidiary of the electric two-wheeler maker over non-payment of dues.
Rosmerta Digital Services, an operational creditor of Ola Electric Technologies Pvt. Ltd., has filed a petition at the National Company Law Tribunal in Bengaluru, alleging default in payments towards the services rendered, according to an exchange filing on Saturday. The petition seeks initiation of the corporate insolvency resolution process.
“The company has sought appropriate legal advice and it strongly disputes the claims made,” Ola…
