Ola Electric Shares Dip 2% After Clearing Dues With Rosmerta Group

Ola Electric, the largest electric scooter maker in India, appears to have re-entered troubled times at Dalal Street yet again. The company shares dropped to new lows in the intraday trade on Tuesday, March 25.

Ola Clears Dues

The company shares hit a new low after a week of tremendous gains (last week), when the company shares made gains through the roof, expanding by over 12 per cent in just 5 days of trading.

Coming to today's developments, the company in an exchange filing announced that the company has managed to settle its dispute with the Rosmerta Group, which had filed had appeal for the initiation of insolvency proceedings against the Bhavish Aggarwal-led company.

Insolvency Plea Withdrawn

In the state,meant, the company said, "Ola Electric has amicably settled all outstanding dues between its wholly owned subsidiary, Ola Electric Technologies Private Limited, and the Rosmerta Group."

"As a result, the Rosmerta Group has filed the memo for withdrawal of the petitions filed before the National Company Law Tribunal (“NCLT”), Bengaluru. The matter now stands fully resolved. Ola Electric remains committed to fulfilling its obligations and maintaining professional relationships with all stakeholders."

Previously, Rosmerta Group had filed insolvency petitions against Ola Electric Technologies in lieu of unpaid dues by the Bengaluru-based company.

Rosmerta Digital Services said Ola Electric owed the company just over Rs 22 crore.

Ola Electric Mobility Ltd Shares

When we look at the performance of the company shares in today's trade. After beginning the day's trade on a promising note, at Rs 57.50, higher than the previous day's closing.

The company shares soon dipped in value. The overall decline at the time of writing amounted to 2.33 per cent or Rs 1.30. This dip has brought the overall value of the company shares to Rs 54.43 per piece.

This has diminished the company's previous gains, as the overall gains in the past 5 days now only amount to around Rs 0.33 or 0.61 per cent.