Ola Electric Mobility witnessed a more than 5% decline in its shares during Monday’s trading session following reports that two suppliers of its operating arm had taken legal action seeking insolvency proceedings due to unpaid dues exceeding Rs 40 crore. The stock price of Ola Electric fell by 5.02% to Rs 42.10 per share at noon, contrasting with the 0.78% rise in the Nifty index.
According to reports, Sterling and Anevolve Mando, suppliers to Ola Electric Technologies Private Limited, have filed for insolvency at the National Company Law Tribunal (NCLT) over unpaid dues totaling more than Rs 40 crore. Ola Electric Technologies allegedly owes Rs 29.8 crore to Sterling and Rs 10.8 crore to Anevolve, with these payments remaining outstanding for over 45 days, prompting the suppliers to seek legal action.
The NCLT’s Bengaluru bench is set to address Sterling’s petition on July 6, following a previous hearing on Anevolve Mando’s plea. This development marks the latest in a series of supplier-related disputes for the electric vehicle manufacturer, including a previous insolvency petition in 2025 from a vehicle registration agency over payment issues.
In the past five days, Ola Electric’s shares have shown minimal movement, with a slight increase of Rs 1.14 (2.79%). However, over the last month, the shares have declined by Rs 2.39 (5.38%), and in the last six months, the stock has experienced a negative return, dropping by Rs 1.54 (3.53%).
