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Ola Electric shares were buzzing in trade on Tuesday, March 25, after the company shared an update on an insolvency plea, previously, filed against the company by Rosmerta Group.
According to the company's stock exchange filing, Ola Electric has "amicably" settled all outstanding dues between its wholly owned subsidiary, Ola Electric Technologies Private Limited, and the Rosmerta Group.
"As a result, the Rosmerta Group has filed the memo for withdrawal of the petitions filed before the National Company Law Tribunal, Bengaluru," it said in a statement. READ HERE
Following the news, Ola Electric shares rose 4.12 per cent in the intraday trade to hit a high of ₹58 per share. The stock, however, was quick to reverse the gains as it fell 6.34 per cent from its day's high to hit a low of ₹54.32 per share.
At 11:07 AM, Ola Electric shares were quoting 1.87 per cent down at ₹54.68 per share as against a 0.3 per cent rise in the benchmark BSE Sensex index.
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Earlier, Ola Electric had informed the stock exchanges that Rosmerta Digital Services Pvt. and Rosmerta Safety Systems, which supply vehicle registration services and high-security registration plates, respectively, to Ola Electric had separately filed insolvency pleas against Ola Electric Technologies for unpaid invoices.
Meanwhile, Ola Electric stock has been hit by a flurry of negative news flow recently, including insolvency petition by the Rosmerta Group and dwindling sales of its electric scooters.
Addressing the same, Ola Electric, on March 21, said in a statement that low sales in February was due to a temporary backlog in sales amid ongoing negotiations with the vendors responsible for vehicle registrations.
"This backlog is being rapidly cleared, with daily registrations exceeding 50 per cent of our three-month daily sales average. Further 40 per cent of the February backlog has already been cleared, and the remaining will be fully resolved by the end of March 2025," it explained. READ HERE
Ola Electric further clarified that the "straightforward case of a temporary registration backlog" intensified after the company discontinued contracts with two nationwide vendors managing their registration process, which was a part of the company's strategy to streamline operations and drive profitability.
Meanwhile, as per a Bloomberg report, over 95 per cent of Ola's 4,000 showrooms lacked the necessary approvals to display or sell unregistered vehicles. Transport authorities, the report said, have conducted raids in multiple states, shut down outlets, seized vehicles, and issued notices to the company.
Ola Electric listed on the stock exchanges on August 9, 2024. The stock is down 64.5 per cent (as of Monday closing) from its all-time high of ₹157.3 per share, which it hit on August 20,2024. Ola Electric Mobility share price hit a record low of ₹46.32 per share on March 18, 2025.
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