India, March 17 -- Shares of Ola Electric Mobility plummeted over 7% in morning trade today to hit an all-time low at INR 46.94 apiece, dragged down by the company's disclosure that one of its subsidiaries is facing bankruptcy proceedings.

In an exchange filing on Saturday, the Bhavish Aggarwal-led company said that Rosmerta Digital Services, an operational creditor of Ola Electric, filed a plea before the Bengaluru bench of the National Company Law Tribunal (NCLT) against its subsidiary Ola Electric Technologies.

Rosmerta has alleged that Ola Electric Technologies defaulted on payment towards services rendered and sought the initiation of the corporate insolvency resolution process against the company.

However, Ola Electric, in a stat...