Ola Electric shares in focus tomorrow after Rosmerta files insolvency plea against company for payment default

Ola Electric shares are expected to remain in focus in tomorrow’s trading session after Rosmerta Digital Services Ltd, a maker of high-security number plates and a vehicle registration agency, filed a case against the company over an alleged ₹18-20 crore payment default.

The company disclosed in a stock exchange filing that Rosmerta Digital Services has initiated a Corporate Insolvency Resolution Process (CIRP) against Ola Electric under Section 9 of the Insolvency and Bankruptcy Code at NCLT, Bengaluru.

On February 19, 2024, Ola Electric had announced that it was renegotiating contracts with its vehicle registration agencies, temporarily affecting registrations on the government’s Vahan vehicle registration portal. However, the company assured that this would not impact actual sales.

As per Ministry of Road Transport and Highways data, Ola Electric sold 8,647 scooters in February. However, the company claims its actual sales exceeded 25,000 units that month. Ola Electric has attributed the discrepancy to a lag in vehicle registrations, stating that February’s sales will reflect in March’s registration data. As of March 13, 2025, Ola Electric recorded 5,208 units in sales.

Ola Electric is targeting a 50,000-unit monthly sales run rate to achieve EBITDA positivity in the near term.

Ola Electric has stated that it has sought legal advice and strongly disputes Rosmerta’s claims. The company affirmed that it would take all necessary legal steps to protect its interests.

Meanwhile, Ola Electric is also under scrutiny from the Central Consumer Protection Authority (CCPA), which has sought additional documents related to over 10,000 consumer complaints against the company and its products.

On Thursday’s closing session at 3:30 PM, Ola Electric shares ended 0.84% lower at ₹50.63 on NSE.

Ola Electric Share Price history