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HomeMarket NewsOla Electric shares fall for third day as vendors file insolvency pleas against subsidiary
The decline comes after two operational creditors filed insolvency petitions against the company's wholly owned subsidiary, Ola Electric Technologies Pvt. Ltd., before the Bengaluru bench of the Company Law Tribunal (NCLT).
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Shares of Ola Electric Mobility Ltd. extended their losing streak for a third consecutive session on Tuesday, slipping another 1% to an intraday low of ₹41.39.
The decline comes after two operational creditors filed insolvency petitions against the company's wholly owned subsidiary, Ola Electric Technologies Pvt. Ltd., before the Bengaluru bench of the Company Law Tribunal (NCLT).
The petitions, filed by Sterling E-Mobility and Anevolve Mando eMobility, have been initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC), alleging unpaid dues of approximately ₹40.6 crore.
The latest development adds to the regulatory overhang on the company, whose shares continue to remain under the long-term Additional Surveillance Measure (ASM) framework on both the NSE and BSE.
Stocks are placed under the ASM framework by exchanges to caution investors about heightened volatility and to encourage greater diligence while trading.
