Ola Electric responds on supplier NCLT petitions; says no material impact
OLAELEC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Ola Electric responded to NSE on reports that two suppliers filed NCLT petitions over dues. The company said it had warranty and performance issues with Anevolve Mando E-Mobility and Sterling E-Mobility, and initiated arbitration against them. The vendors then filed insolvency petitions under IBC. Ola Electric is contesting these, calling them pre-existing disputes already under arbitration. It confirmed no undisclosed information caused the recent 5 percent share price fall and the matter has no material impact on operations or finances.
Supplier insolvency petitions are being contested by the company; stock may stay volatile near-term until legal resolution.