- LATEST
- WEBSTORY
- TRENDING
BUSINESS
Bad news for Bhavish Aggarwal, as Ola Electric shares decline over 7%, mcap falls to Rs...
Ola Electric shares have been on a downward spiral for the past six months.
Updated : Mar 17, 2025, 06:22 PM IST
 "Bad news for Bhavish Aggarwal, as Ola Electric shares decline over 7%, mcap falls to Rs...")
TRENDING NOW
)
Shruthi Narayanan lashes out at netizens for 'spreading' her leaked MMS, warns legal action: 'Go and enjoy your mother, sister videos'
)
Sikandar box office collection day 7: Salman Khan, Rashmika Mandanna film fails to cross Rs 100 crore mark by...
)
Casting couch scandals resurface: Tamil actress Shruthi Narayanan's viral video sparks fresh debate in film industry
)
SRH vs GT IPL 2025 Dream11 prediction: Fantasy cricket tips, probable playing XIs, team news, injury updates for Sunrisers Hyderabad vs Gujarat Titans
)
Throwback video: Mukesh Ambani would want to go on date with this actress, while Nita Ambani with this politician
)
Forget Aabha Paul, check out 5 hot pics, videos of Kangana Sharma
)
CSK vs DC IPL 2025 Dream11 prediction: Fantasy cricket tips, probable playing XIs, team news, injury updates for Chennai Super Kings vs Delhi Capitals
)
After leaked casting couch video, Shruthi Narayanan's old statement about social media goes viral: 'You can't share everything, it might...'
)
Meet OYO founder Ritesh Agarwal's wife Geetansha Sood, supported him when he had only Rs 30 in his pocket, she is director of...
)
Who is Rishi Parti, man who bought most expensive penthouse at Gurugram's DLF Camellias for Rs 190 crore, built company at 24, his business is...
)
Meet Chandrakumari Raghuram Shetty, wife of BR Shetty, Dubai billionaire who had to sell his company for just Rs 74
)
Panchayat Season 4 release date: Jitendra Kumar aka Abhishek Tripathi is back as Sachiv ji; Prime Video's hit show to release on...
)
10 most handsome men in the World: This BTS member beats Hrithik Roshan, Chris Evans, Brad Pitt
)
XXX actress Aabha Paul looks sizzling in sexy photos
)
This superstar 'lost control' during intimate scene with Madhuri Dixit, bit her lip, left her bleeding, in tears, film became superhit, it was..
Bhavish Aggarwal, Ola founder, suffered a major blow on Monday when the shares of his Ola Electric Mobility Ltd tanked over 7 per cent. The stock slumped 7.23 per cent to hit a 52-week low of Rs 46.86 on the NSE. The market cap of the company now reached Rs 19571 crore, as of March 17. Ola Electric shares have been on a downward spiral for the past six months. The stock has lost 60 per cent, while the past month has seen a nearly 23 per cent decline. Founded in 2017, Ola Electric manufactures EVs and core components like battery packs, motors, and vehicle frames at its Ola Futurefactory.
The share was listed on BSE, NSE on August 9, 2024. The company had set the price band at Rs 76 per share. However, Ola electric shares skyrocketed on the listing day, following heavy buying interest and soared to hit a 52-week high of Rs 157.40 on NSE in the first few weeks of listing.
Why Ola Electric fell
The fall in the share price came after the company revealed its vehicle registration service provider Rosmerta Digital Services Ltd has sought the initiation of insolvency proceedings against its wholly-owned arm Ola Electric Technologies Pvt Ltd. In a regulatory filing, the company on Saturday said, "A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Rosmerta Digital Services Ltd, an operational creditor of Ola Electric Technologies Pvt Ltd."
READ | Narayan Murthy's Infosys hit again, company loses Rs 44226 crore in just 4 days after...
The petition has been submitted before the National Company Law Tribunal's Bengaluru Bench, alleging default in payment towards the services rendered by the operational creditor and seeking initiation of the corporate insolvency resolution process (CIRP) against Ola Electric Technologies Pvt Ltd, it added.
The company has sought appropriate legal advice and it strongly disputes the claims made, Ola Electric Mobility said, adding it would "take all necessary and appropriate steps to protect its interests and object to the allegations in the aforesaid matter". The insolvency proceedings come at a time when Ola Electric Mobility is cutting around 1,000 jobs across different functions as part of a restructuring exercise to reduce losses.
