Ola Electric, in an exchange filing over the weekend, mentioned that it has been sued by Rosmerta Digital Services Ltd., who has filed a petition against the company at the National Company Law Tribunal (NCLT), Bengaluru and also petitioned to initiate Corporate Insolvency proceedings against the company.
In response, Ola Electric said that that the company has sought appropriate legal advice, and it strongly disputes the claims made by Rosmerta
. The company will take all necessary and appropriate steps to protect its interests and object to the allegations.
The stock has been in focus recently due to the reporting of its sales figures. Ola sold 8647 scooters in February, as per data sourced from the website of Ministry of Road Transport and Highways, while the EV startup claims to have sold more than 25,000 units.
On February 19 this year, Ola Electric had said it was renegotiating contracts with its vehicle registration agencies, which will temporarily affect registrations on government’s vehicle registration portal, but not actual sales.
In a release last week, Ola Electric had guided that its automotive business will turn profitable on an Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) basis by the first quarter of financial year 2026.
Shares of Ola Electric Mobility ended 0.8% lower last Thursday at ₹50.63. Not only is the stock down 34% from its issue price of ₹76 per share, it has corrected nearly 70% from its post-listing high of ₹157. The stock is down 18% over the last one month.
