Shares of Ola Electric Mobility fell during the trading hours on Monday, July 6 amid a report of two suppliers moving to National Company Law Tribunal (NCLT) for insolvency proceedings.
Ola Electric share price dropped 5.3% intraday to Rs 42.1 apiece. The scrip was trading 5.02% lower by 1:06 pm , while the benchmark Nifty 50 index was 0.78% up.
Two suppliers of Ola Electric Technologies Pvt Ltd, the operating arm of Ola Electric Mobility Ltd moved to the National Company Law Tribunal (NCLT) urging insolvency proceedings over unpaid dues of over 40 crore, according to report by news portal Mint citing court filings and three people aware of the development.
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Citing Ola Electric Technologies' filings with the ministry of corporate affairs (MCA), the report mentioned that the company's dues of Rs 29.8 crore to Sterling and Rs 10.8 crore to Anevolve have been pending for over 45 days, prompting the companies to seek insolvency proceedings from the tribunal.
The NCLT's Bengaluru bench is hearing the petition of Sterling on Monday, July 6 nearly a month after hearing Anevolve Mando's plea, the report said.This is the latest supplier dispute for the electric vehicle maker following a similar petition was filed by one of its registration agencies in 2025.
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