Bad news for Bhavish Aggarwal, MCAP fell to Rs. as Ola Electric shares fell more than 7%…
Ola Electric’s share has been in a downward spiral over the past six months.
OLA founder Bhavish Aggarwal suffered a major blow on Monday when his Ola Electric Mobility Ltd shares fell more than 7%. The stock fell 7.23% to Rs 46.86 at the NSE’s 52-week low. As of March 17, the company’s market value now reaches Rs 195,71 crore. Ola Electric stock has been in a downward spiral for the past six months. The stock lost 60%, while the stock has dropped nearly 23% over the past month. Founded in 2017 in 2017, Ola Electric Manufacturing manufactures electric vehicles and core components such as battery packs, electric motors and vehicle frames on its OLA FutureFactory.
This share will be listed on NSE’s BSE on August 9, 2024. The company set the price segment at Rs 76 per share. However, during the listing period, Ola Electric’s stock surged on the day of listing and soared NSE’s 52-week high of Rs 157.40 in the first few weeks of listing.
Why Ola Electric Falls
The company revealed that its vehicle registration service provider Rosmerta Digital Services Ltd, shares fell, which said on Saturday that it filed a petition in Section 9 of Saturday, which has already begun under “Inliceolvency and Burbyss” (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (2016) (201 Services Ltd, an operating creditor of Ola Electric Technologies Pvt Ltd. ”
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The petition has been submitted to the Bengaluru bench in the National Court Tribunal before accusing the service provided by the operating creditors of default and seeking to initiate the company’s bankruptcy settlement process (CIRP) against OLA Electric Technologies Pvt Ltd.
Ola Electric Mobility said the company has sought appropriate legal advice and made strong claims, adding that it will “take all necessary and appropriate steps to protect its interests and oppose allegations against the above matters”. The bankruptcy proceedings are a time when OLA electric mobility cuts about 1,000 jobs in part of the restructuring campaign to reduce losses.
