Ola Electric up 8%; Hits All-Time Low

Shares of Ola Electric took a huge blow on March 17 after its creditor Rosmerta Digital Services filed an insolvency petition against the EV maker. In an exchange filing the company said, “We wish to inform you that a petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s. Rosmerta Digital Services Ltd, an Operational Creditor of Ola Electric Technologies Pvt Ltd, a wholly owned subsidiary of Ola Electric Mobility Ltd. The petition has been submitted before the National Company Law Tribunal – Bengaluru Bench (NCLT, Bengaluru), alleging to default in payment towards the services rendered by the Operational Creditor and seeking initiation of the Corporate Insolvency Resolution Process ("CIRP") against the Ola Electric Technologies Pvt Ltd.”

Ola Electric also said, “The company has sought appropriate legal advice and it strongly disputes the claims made. It will take all necessary and appropriate steps to protect its interests and object to the allegations in the aforesaid matter.”

Ola Electric’s share tumbled by 8.19% to clock a record-low of ₹46.40. The scrip has till now crashed 45.90% in 2025.

Vinit Bolinjkar, Head of Research at Ventura Securities, told Business Today, “The company needs to get its sales volume back. If it doesn't regain its sales volume at this juncture when the entire EV space is about to pick up, then there is a serious flaw with the acceptability of its products. Ola Electric has launched vehicles in most segments and despite that volume stability is not there. So, I expect the negativity will remain.”

“I won't advise taking any contra bet at current levels. It is better to stay away from the stock for the time being unless there is a trend reversal formation. The counter is in a kind of freefall zone,” said Nilesh Jain, VP - Derivative and Technical Research at Centrum Broking.

“The counter has been in a downward trend and traded in the oversold category on daily charts. We will wait for a trend reversal,” said Vaishali Parekh, Vice-President (Technical Research) at Prabhudas Lilladher.

Shares of Ola Electric traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-day and 150-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 41.57. A level below 30 is defined as oversold while a value above 70 is considered overbought.

Incorporated in 2017, Ola Electric is into manufacturing EVs and certain core components such as battery packs, motors and vehicle frames at the Ola Futurefactory. As of December 2024, promoters held a 36.78% stake in the E2W player.