India, July 8 -- Listed EV maker Ola Electric is facing insolvency petitions from two of its suppliers, with the Bhavish Aggarwal-led company saying the matter stems from an ongoing arbitration over warranty and performance-related disputes involving supplied parts.

The clarification came after media reports said two suppliers of the company - Anevolve Mando E-Mobility Pvt Ltd and Sterling E-Mobility Solutions Pvt Ltd - had approached the National Company Law Tribunal over alleged unpaid dues, triggering a nearly 5% decline in Ola Electric's share price yesterday.

Responding to a query from the stock exchanges, Ola Electric said it had earlier raised warranty and performance concerns regarding certain parts supplied by the two vendors....