Ola Electric share price dips amid fresh insolvency row. Do you own?

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Ola Electric share price continued its downward trajectory for third session straight on Tuesday. The stock fell over 0.80% to ₹42.05 apiece today on NSE. The stock has descended over 5% in the past three sessions.
Ola Electric share price opened at ₹42.41 apiece today, as compared to previous close of ₹42.39 on Monday.
On Monday, 6 July, Mint reported that two major suppliers to Ola Electric Technologies Pvt. Ltd.—the operating arm of listed Ola Electric Mobility Ltd. that contributes nearly all of the group's revenue—have approached the National Company Law Tribunal (NCLT) to initiate insolvency proceedings over unpaid dues exceeding ₹40 crore.
The petitions have been filed by Sterling E-Mobility Solutions Ltd., the EV components subsidiary of listed Sterling Tools Ltd., and Anevolve Mando eMobility Pvt. Ltd., a part of the ₹20,000-crore listed Anand Group. Both companies have alleged that Ola Electric Technologies failed to settle payments for components supplied to the company.
According to filings submitted by Ola Electric Technologies with the Ministry of Corporate Affairs (MCA), outstanding dues of ₹29.8 crore to Sterling and ₹10.8 crore to Anevolve remained unpaid for over 45 days, leading both suppliers to seek legal recourse through the NCLT.
“This is a commercial dispute. The suppliers want their dues paid, while Ola Electric also has claims of its own, having raised issues about the quality of parts. Before reaching the courts, this has been going on for a while between the companies,” a source told Mint.
Sterling E-Mobility manufactures a range of electric vehicle components, including traction motors, motor control units, and DC converters, which are integral to EV powertrain systems. Similarly, Anevolve produces key EV components such as traction motors, controllers, inverters, and AC/DC converters, among others.
Ola Electric share price trend has remained volatile amid weak market sentiments. The stock has slipped over 6.57% in a week.
Furthermore, the stock has given 12% returns on year-to-date (YTD) basis and 1% gains in a year.
Ola Electric Mobility share price made its market debut in August 2024.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.
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