Moody's Ratings announced on November 10, 2025, that it has downgraded the corporate family rating of ANI Technologies Pvt Ltd, the parent entity of ride-hailing service Ola, to Caa1 from B3, maintaining a negative outlook. The rating action reflects mounting liquidity concerns, a decline in cash reserves, and heightened refinancing risks for the India-based company. The downgrade highlights significant financial pressures on ANI Technologies, including sustained losses and the challenge of meeting upcoming debt obligations without new funding or strategic asset sales. The rating on a guaranteed senior secured term loan was also lowered to Caa1. Following the announcement, the share price of the related entity Ola Electric Mobility saw a moderate decline.