Ola Electric hit by insolvency pleas from 2 suppliers over Rs 40 crore unpaid dues
Sterling Tools (Rs 29.8 cr) and Anevolve Mando (Rs 10.8 cr) have filed NCLT insolvency petitions against Ola Electric over unpaid dues. The company is contesting the claims, citing quality disputes. The pressure comes as Ola posted a Rs 500 crore Q4 net loss on revenue of Rs 265 crore, down 56.6%.
Two suppliers filed NCLT insolvency pleas against Ola Electric over Rs 40 crore unpaid dues. Ola is contesting, citing quality disputes. Company posted a Rs 500 crore Q4 loss on sharply falling revenue.