Ola Electric shares dropped sharply on Monday, falling nearly 7% in early trade. The stock slipped below Rs 50 for the first time, hitting a record low of Rs 46.94 on the Bombay Stock Exchange (BSE). By 10:54 am, it was trading at Rs 47.25, down 6.51%.
The decline came after Ola Electric disclosed that an insolvency petition had been filed against its subsidiary, Ola Electric Technologies.
The petition was submitted by Rosmerta Digital Services, an operational creditor, to the National Company Law Tribunal (NCLT) in Bengaluru.
The creditor alleged that Ola Electric had defaulted on payments for services and requested the initiation of the Corporate Insolvency Resolution Process (CIRP).
WHO IS ROSEMERTA DIGITAL SERVICES?
Rosmerta Digital…
