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Ola Electric shares fall 6% amid insolvency proceedings against subsidiary

Ola Electric shares plunged 6% as Rosmerta Digital filed an insolvency plea against its subsidiary. The company faces legal challenges amid growing financial losses.

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Ola Electric’s share price fell nearly 6% on Monday after Rosmerta Digital Services Ltd announced plans to file an insolvency petition against its wholly-owned subsidiary, Ola Electric Technologies Pvt Ltd. The petition, citing unpaid dues, was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) and submitted to the Bengaluru Bench of the National Company Law Tribunal (NCLT).

Ola Electric’s response

Ola Electric Mobility has contested the claims, stating that it has sought legal counsel and will take all necessary actions to challenge the petition. The company mentioned that it had been renegotiating its agreements with Rosmerta Digital Services Pvt Ltd and Shimnit India Pvt Ltd to reduce costs and enhance efficiency in vehicle registration services.

Stock performance and market impact

Opening Price (BSE): Rs 50 per share

Intraday High: Rs 50.16

Intraday Low: Rs 48.61

Market analysts remain bearish on Ola Electric’s stock. Anshul Jain, Head of Research at Lakshmishree Investment and Securities, noted that the stock has been on a steady decline post-IPO, breaking below its base price of ₹76.

“After peaking at ₹157 post-IPO, the stock has been in a firm downtrend. The break below ₹76 suggests that the next key support level is ₹34. Unless a strong reversal occurs, further selling pressure is likely,” Jain stated.

Ola Electric’s Q3 2024 financial results

Ola Electric Mobility reported a widening consolidated net loss of ₹564 crore for Q3 2024, compared to ₹376 crore in the same quarter last year.

Revenue from operations: ₹1,045 crore (down from ₹1,296 crore year-on-year)

Increased expenses: Due to rising competition and one-time costs for service-related improvements

Despite financial struggles, the company noted that it achieved its highest-ever e-scooter registrations of 3.33 lakh units in Q3, marking a 37.5% increase from last year.

India News

Home Ministry convenes emergency meeting amid rising security concerns after Pahalgam terror attack

After the tragic Pahalgam terror attack, the Home Ministry convened a high-level meeting in Delhi as intense security operations unfold across Jammu and Kashmir.

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Amid heightened security concerns following the deadly Pahalgam terror attack that claimed 26 lives, the Ministry of Home Affairs convened a high-level meeting in New Delhi on Tuesday.

Key officials attending the meeting include Union Home Secretary Govind Mohan, Director Generals of the Border Security Force (BSF), Assam Rifles, and the National Security Guard (NSG), along with senior representatives from the Central Reserve Police Force (CRPF) and the Central Industrial Security Force (CISF).

Meanwhile, extensive counter-terrorism operations are ongoing at multiple locations across Jammu and Kashmir. Sources familiar with the matter noted that, due to the sensitive nature of these operations, no specific updates are currently being disclosed.

In a related development on Monday, the Jammu and Kashmir Police conducted raids at 13 locations in the Doda district, targeting terrorist hideouts and individuals suspected of links to terrorist activities.

Additionally, Srinagar Police carried out a series of extensive searches across the city. These operations focused on the residences of Over Ground Workers (OGWs) and associates linked to banned terrorist outfits, as part of ongoing investigations under the Unlawful Activities (Prevention) Act (UAPA).

According to a police statement, searches were conducted at the homes of 63 individuals. These operations were executed in accordance with legal procedures, under the supervision of Executive Magistrates and independent witnesses, aiming to collect evidence such as weapons, documents, and digital devices to thwart any potential conspiracies threatening national security.

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Family Man 3 actor Rohit Basfore found dead near Guwahati waterfall

Actor Rohit Basfore, part of Family Man 3, was found dead at Garbhanga Waterfalls. Initial police reports cite accidental drowning, but further investigation is ongoing.

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In a tragic turn of events, actor Rohit Basfore, known for his role in the upcoming third season of The Family Man, was found dead near the Garbhanga Waterfalls in Guwahati on Sunday, April 27. The incident has sent shockwaves through the entertainment community and among fans.

According to police reports, Basfore had gone on a picnic with nine colleagues when the mishap occurred. Officials from Rani Police Outpost stated that he allegedly fell into the waterfall around 2 pm. The authorities were alerted by 4 pm, and a rescue operation led by the SDRF team resulted in the recovery of his body at approximately 6.30 pm.

Initial findings suggest that Basfore died by accidental drowning, with the police currently not suspecting foul play. However, the final confirmation on the cause of death will depend on the awaited post-mortem report. Despite the preliminary conclusions, Basfore’s family members have voiced concerns over possible foul play, prompting further investigation into the circumstances surrounding his death.

In recent weeks, Rohit Basfore had shared glimpses from the set of Family Man 3 on his social media, expressing excitement about his experience. He posted photographs alongside co-actors Jaideep Ahlawat and Dalip Tahil, reflecting on his enthusiasm for learning and acting.

The Family Man series, a creation by Raj & DK for a leading OTT platform, stars Manoj Bajpayee in the lead role of Srikant Tiwari. The popular thriller debuted its first season in 2019, followed by a second season in 2021, and has gained a loyal fanbase awaiting its third chapter.

As the investigation continues, friends, fans, and colleagues mourn the untimely loss of a budding talent whose career was just beginning to blossom.

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PM Modi to chair crucial security meeting after Pahalgam attack

PM Modi will chair crucial security and cabinet meetings tomorrow to assess national preparedness after the Pahalgam terror attack that left 26 dead in Jammu and Kashmir.

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PM Modi

In the aftermath of the deadly terror attack in Pahalgam that claimed 26 lives last week, Prime Minister Narendra Modi will lead a series of crucial meetings tomorrow to review India’s security preparedness.

The Cabinet Committee on Security (CCS), the nation’s apex body for national security decisions, is scheduled to convene around 11 am. This will be the second high-level review since the tragic incident in Jammu and Kashmir.

Following the CCS meeting, the Cabinet Committee on Political Affairs (CCPA), chaired by the Prime Minister, will also gather to discuss political and strategic issues. Senior leaders, including Defense Minister Rajnath Singh, Home Minister Amit Shah, Road Transport Minister Nitin Gadkari, Health Minister JP Nadda, and Finance Minister Nirmala Sitharaman, will participate in the deliberations.

Later, the Cabinet’s Economic Affairs Committee will meet, culminating in a full cabinet session.

During the previous CCS meeting, held two days after the attack, the government placed security forces across the country on heightened alert and vowed strict action against those responsible. Measures taken included suspending the Indus Water Treaty with Pakistan, halting SAARC visas, closing the Wagah-Attari border, and downgrading diplomatic ties with Islamabad.

Additionally, Pakistani nationals residing in India were asked to return to their country, with a slight extension given to those holding medical visas until Tuesday. In retaliation, Pakistan announced the suspension of all bilateral agreements with India, including the historic Simla Agreement.

As tensions between the two countries escalate, tomorrow’s meetings are expected to chart the next course of action amid rising security concerns.

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