The stock of two -wheeler manufacturer Ola Electric Mobility fell more than 7 per cent on Monday. The company has revealed that one of its unit has faced bankrupt petition. This was followed by pressure on his stock. The company’s stock closed at Rs 46.9, which is 7.2 percent less than the previous closed price.
The electric scooter manufacturer said on Saturday that Rosmarta Digital Services, a vehicle registration service provider and creditor of Ola Electric Technologies, filed a petition against the unit alleging payment in payment. He did not give information about the amount of lapse. Ola Electric denied these claims and said that he had sought legal advice.
With its IPO price of Rs 76, this stock is now 38 percent below. Since its high-profile entry in August 2024, Ola Electric has faced several challenges, including a decline in sales and increased regulatory investigation. Media reports stated that the company has cut jobs at least twice since November and is now restructuring its sales and service network, focusing on cost deduction and inventory management.
BS / Reuters
First Published – March 17, 2025 | 10:11 PM IST
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