Ola Electric Mobility share price: At the NSE, shares of the firm declined 7.04 per cent to Rs 46.95 – the 52-week low level.
Ola Electric Mobility share price: Shares of Ola Electric Mobility Ltd dipped over 7 per cent on Monday, i.e. March 17, 2025, after the firm said its vehicle registration service provider Rosmerta Digital Services Ltd has sought the initiation of insolvency proceedings against its wholly-owned arm Ola Electric Technologies Pvt Ltd.
The counter opened in red at Rs 50 on the BSE against the previous close of Rs 50.54.
The stock fell 8.19 per cent to hit a 52-week low of Rs 46.40 on the BSE. The 52-week high of the company is Rs 157.53. The market cap of the stock is Rs 20,510 crore.
At the NSE, shares of the firm declined 7.04 per cent to Rs 46.95 – the 52-week low level.
The counter has dipped around 8.70 per cent in two weeks and around 71 per cent in six months.
Ola Electric Mobility Insolvency
In a regulatory filing, the company on Saturday said, “A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Rosmerta Digital Services Ltd, an operational creditor of Ola Electric Technologies Pvt Ltd.
“The petition has been submitted before the National Company Law Tribunal’s Bengaluru Bench, alleging default in payment towards the services rendered by the operational creditor and seeking initiation of the corporate insolvency resolution process (CIRP) against Ola Electric Technologies Pvt Ltd, it added.
The company has sought appropriate legal advice and it strongly disputes the claims made, Ola Electric Mobility said, adding it would “take all necessary and appropriate steps to protect its interests and object to the allegations in the aforesaid matter”.
The insolvency proceedings come at a time when Ola Electric Mobility is cutting around 1,000 jobs across different functions as part of a restructuring exercise to reduce losses.
