If you were reading it out to somebody, eg. to write down in a lecture, I would say N-sub-zero. But if this is a particular mathematical term then it's probably N-nought, or N-null. Sometimes the term has a particular usage from history or convention (eg the original paper or a famous textbook) whatever the rules of regular English grammar might say.
eg. the set of cardinal numbers is normally Aleph-nought or Aleph-null