Bengaluru: Ola Electric Mobility witnessed a 4% rise in its share price during Tuesday’s trading session after the company announced the resolution of a legal dispute with the Rosmerta Group. The Rosmerta Group, a supplier to Ola Electric’s wholly owned subsidiary, Ola Electric Technologies Private Limited, has withdrawn its petitions filed with the National Company Law Tribunal (NCLT), Bengaluru, following an amicable settlement of all outstanding dues.
In an official statement, Ola Electric confirmed, “The matter now stands fully resolved. Ola Electric remains committed to fulfilling its obligations and maintaining professional relationships with all stakeholders.” The resolution has brought relief to the company, which had been facing allegations of payment defaults amounting to ₹18-20 crore.
The stock surged to a high of ₹58 on the Bombay Stock Exchange (BSE) before settling at ₹56.50, marking a 1.4% gain by the end of the trading session. Despite the positive development, Ola Electric’s stock remains down 32.74% year-to-date and has declined 44.28% over the past six months.
The withdrawal of the NCLT petitions comes as a significant boost for Ola Electric, which has faced multiple challenges in recent months, including slower-than-expected growth in the electric two-wheeler market and delays in its motorcycle launch due to homologation issues. Analysts believe that the resolution of the dispute with Rosmerta Group will help the company focus on its core business operations and upcoming product launches.
Ola Electric reiterated its commitment to maintaining strong business relationships and ensuring the timely resolution of any commercial issues. The company is now gearing up for the launch of its much-anticipated electric motorcycle, which is expected to play a crucial role in its growth strategy.
Stay tuned for further updates on Ola Electric’s progress and developments in the electric vehicle industry.
