India's Ola Electric unit faces insolvency petition; shares hit record low

India's Ola Electric unit faces insolvency petition; shares hit record low

FILE PHOTO: Ola Electric's S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli in the southern state of Tamil Nadu, India, August 15, 2023. REUTERS/VarunVyas Hebbalalu/File Photo

Shares of India’s Ola Electric Mobility fell more than 3% to a record low on Monday, after the company said that one of its units faced an insolvency petition from a creditor.

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