Ola Electric Mobility shares rebounded 9.18 per cent to ₹51.24 in trading on Tuesday after hitting a 52-week low of ₹46.37. This recovery follows Monday’s 6.14 per cent plunge to ₹47.41 amid news that Rosmerta Digital Services is seeking to initiate insolvency proceedings against an Ola Electric subsidiary.
The insolvency application stems from allegations that the Ola subsidiary defaulted on payments for vehicle registration services. Ola Electric has stated it is seeking legal advice and “strongly disputes” Rosmerta’s claims.
Despite today’s recovery, the electric vehicle manufacturer faces challenges as it navigates these legal issues. The stock opened at ₹46.37, below Monday’s close of ₹46.93, before rallying to a high of ₹51.63 during the session.
This development comes as the broader market shows strength, with the Nifty reclaiming the 22,500 mark. Market analysts cite cooling inflation in both the US and India as potential catalysts for future rate cuts, creating a bullish outlook despite foreign institutional investors selling ₹25,717 crore of shares in March.
Other automakers are also making moves, with Tata Motors and Maruti planning price hikes in April, while the electric vehicle segment continues to face scrutiny from investors.