MUMBAI: Shares of Ola Electric Mobility fell over 7% to hit a record low on Monday after the company reported that one of its units faced an insolvency petition.
Shares of the electric two-wheeler maker ended at Rs 46.9, down 7.2% over its previous close. At the last close, the company was valued at Rs 20,687 crore.
Rosmerta Digital Services, a vehicle registration service provider and a creditor of Ola Electric Technologies, filed a petition against the Ola unit alleging default in payments.
The petition has been presented to the Bengaluru Bench of the National Company Law Tribunal, claiming that there has been a default in payments owed for services provided by the operational creditor and requesting the commencement of the corporate insolvency resolution process (CIRP) against Ola Electric Technologies.
Ola did not specify the size of the default.