Ola Electric’s stock dropped 4% after Rosmerta Digital Services Ltd filed a case against the EV maker over an alleged payment default of ₹18-20 crore. Rosmerta has initiated a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code at NCLT, Bengaluru.
Earlier, Ola Electric had announced a renegotiation of contracts with its vehicle registration agencies, temporarily impacting registrations on the Vahan portal. Despite this, the company assured that sales remained unaffected. As per the Ministry of Road Transport and Highways, Ola Electric sold 8,647 scooters in February, but the company claims actual sales exceeded 25,000 units, attributing the discrepancy to registration lags.
As of March 13, 2025, Ola Electric recorded 5,208 sales and is targeting a 50,000-unit monthly run rate to achieve EBITDA profitability.
In response to the lawsuit, Ola Electric has sought legal counsel and strongly disputes Rosmerta’s claims, vowing to take all necessary legal actions to safeguard its interests.
Adding to its challenges, the Central Consumer Protection Authority (CCPA) is scrutinizing Ola Electric following over 10,000 consumer complaints. The regulatory body has requested additional documentation regarding the grievances.
Ola Electric’s stock hit a new 52-week low at ₹48.23, marking a significant drop from its high of ₹157.40. The stock opened at ₹49.98 and touched an intraday high of ₹50.24 before declining.
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