Ola Electric Mobility Ltd. shares plummeted almost 8 per cent on Monday, touching a new all-time low of Rs 46.51 each. The fall followed after an insolvency petition was filed by Rosmerta Digital Services Pvt. Ltd., an Ola Electric vendor, against the EV maker’s subsidiary for non-payment of dues.
The petition, filed before the National Company Law Tribunal (NCLT) in Bengaluru, accuses Ola Electric Technologies Pvt. Ltd. of defaulting on payments against services rendered for vehicle registrations. The subsidiary takes care of scooter manufacturing at Ola’s Futurefactory in Tamil Nadu.
Responding to the allegation, Ola Electric said it “strongly disputes the claims” and is taking legal advice to settle the issue.
