Ola Electric Mobility Share Price Bounces Back Over 16 Per Cent From All-Time Low-Level

Ola Electric Mobility Share Price: Shares of electric two-wheeler maker Ola Electric Mobility Ltd gained in early trade to hit an intraday high of Rs 53.8 apiece on the NSE. Earlier today the stock fell to a fresh all-time low of Rs 46.37 apiece on the NSE.

At the day-high the stock has managed to bounce back over 16 per cent from its all-time low levels. Earlier on March 17, the electric two-wheeler manufacturers’ shares declined to trade at Rs 46.4 apiece, slipping below Rs 50 apiece for the first time since its D-street debut.

Ola Electric Mobility Ltd share price fell after Rosmerta Digital Services Ltd filed a petition before the National Company Law Tribunal – Bengaluru Bench against Ola Electric Technologies Private Ltd.

Ola Electric Technologies is a wholly owned subsidiary which handles the battery-related business of the company and Rosmerta Digital Services Ltd is an operational creditor of the company.

Rosmerta Digital stated in its petition that Ola Electric Technologies has defaulted in making payments. Additionally, the operational creditor has also sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the Ola subsidiary.

“Rosmerta Digital Services Ltd, an Operational Creditor of Ola Electric Technologies Private Ltd, a wholly owned subsidiary of Ola Electric Mobility Ltd ("the Company"). The petition has been submitted before the National Company Law Tribunal – Bengaluru Bench ("NCLT, Bengaluru"), alleging default in payment towards the services rendered by the Operational Creditor and seeking initiation of the Corporate Insolvency Resolution Process ("CIRP") against the Ola Electric Technologies Private Ltd,” the company said in the filing.

Ola Electric Mobility mentioned in the release that the company has sought legal advice and disputed the allegations made by Rosmerta Digital Services.

“The Company has sought appropriate legal advice and it strongly disputes the claims made. The Company will take all necessary and appropriate steps to protect its interests and object to the allegations in the aforesaid matter,” Ola Electric Mobility stated.

Ola Electric Mobility IPO

Ola Electric Mobility Ltd raised Rs 6,145.56 crores through its public issue. The company’s stock made a flat debut on the BSE and NSE at Rs 76 per share on August 9, 2024.

On March 18 the electric two-wheeler manufacturer’s shares hit their all-time low at Rs 46.37 apiece, declining nearly 39 per cent from the issue price. At the day’s high the stock still traded over 29 per cent lower than the issue price.

Ola Electric Mobility Share Price History

Shares of Ola Electric Ltd have fallen over 37 per cent on the NSE on a Year-to-Date (YTD) basis. In six months, the company’s stock has declined more than 53 per cent and in a month the company’s stock has fallen more than 16 per cent. In five days, the stock has gained nearly 2 per cent.

Shares of Ola Electric Mobility Ltd's pared the gains and closed at Rs 52.97apiece on the NSE, up by 12.87 per cent on March 18.

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