Ola Electric shares fall 5 pc after report says two suppliers seek insolvency proceedings over unpaid dues

Mumbai, July 6 (SocialNews.XYZ) Ola Electric Mobility shares fell more than 5 per cent in intra-day trade on Monday, after a report said two suppliers of its operating arm had approached the National Company Law Tribunal (NCLT) seeking insolvency proceedings over alleged unpaid dues exceeding Rs 40 crore.

Ola Electric share price dropped as much as 5.3 per cent to an intra-day low of Rs 42.10 apiece.

At noon, the stock was trading 5.02 per cent lower, even as the benchmark Nifty index was up 0.78 per cent.

According to multiple reports, Sterling and Anevolve Mando, both suppliers to Ola Electric Technologies Private Limited, have approached the NCLT seeking insolvency proceedings against the company over unpaid dues of more than Rs 40 crore.

The report, citing filings made by Ola Electric Technologies with the Ministry of Corporate Affairs (MCA), said dues of Rs 29.8 crore owed to Sterling and Rs 10.8 crore owed to Anevolve have remained unpaid for more than 45 days. The delayed payments reportedly prompted both companies to initiate insolvency proceedings before the tribunal.

The NCLT's Bengaluru bench is scheduled to hear Sterling's petition on Monday, July 6, nearly a month after it heard Anevolve Mando's plea, according to the report.

The development marks the latest supplier-related dispute involving the electric vehicle maker. It follows a similar insolvency petition filed in 2025 by one of the company's vehicle registration agencies over payment-related issues.

Over the last five days, the shares were nearly flat, gaining Rs 1.14, or 2.79 per cent.

Over the last one month, the shares declined by Rs 2.39, or 5.38 per cent. Over the last six months, the stock delivered a negative return, falling by Rs 1.54, or 3.53 per cent.

Source: IANS