Ola Electric shares hit 52-week low after insolvency petition by creditor

Following the company's announcement that Rosmerta Digital Services Ltd, its car registration service provider, had requested the start of insolvency proceedings against its wholly owned subsidiary Ola Electric Technologies Pvt Ltd, shares of Ola Electric Mobility Ltd fell more than 7% on Monday morning. The stock slumped 7.12 per cent to hit a 52-week low of ₹46.94 on the BSE.

Shares of the company fell 7.04 percent to ₹46.95, the 52-week low, at the NSE. "M/s. Rosmerta Digital Services Ltd, an operational creditor of Ola Electric Technologies Pvt Ltd, has filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC)," the company stated in a regulatory filing on Saturday.