Shares of EV companies gained in early trade today after the Delhi government approved the new EV policy aimed at accelerating electric mobility
Ola Electric emerged as the top gainer, surging as much as 11.2% to an intraday high of ₹44.95 on the BSE
The rally in new-age EV stocks came after the Delhi cabinet approved the EV policy yesterday, targeting 30% vehicle electrification by 2030 through a phased shift to electric vehicles
Shares of EV companies gained in early trade today after the Delhi government approved the new EV policy aimed at accelerating electric mobility.
Ola Electric emerged as the top gainer, surging as much as 11.2% to an intraday high of ₹44.95 on the BSE. The stock later trimmed gains amid profit booking and was trading 4.8% higher at ₹42.38 at 10:57 AM IST. The company’s market capitalisation stood at ₹19,619.8 Cr (about $2 Bn).
Shares of Ather Energy climbed 2.9% to ₹1,114.60, while Zelio E-Mobility also advanced 2% to ₹567.25 during the session.
Overall, benchmark indices remained subdued, with the Sensex down 0.25% and the Nifty 50 slipping 0.27% at 11:04 AM IST amid profit booking and broad-based selling in IT and auto stocks.
The rally in new-age EV stocks came after the Delhi cabinet approved the EV policy yesterday, targeting 30% vehicle electrification by 2030 through a phased shift to electric vehicles.
To support the transition, the Delhi government has committed ₹15,000 Cr over the next four years, including ₹7,000 Cr for EV adoption and ₹8,000 Cr for charging infrastructure and tax incentives.
Under the policy, the government will offer a ₹1 Lakh scrappage incentive for BS-IV four-wheelers, along with subsidies of ₹30,000 for electric two-wheelers and ₹50,000 for electric three-wheelers during the first year of the policy.
Registrations of non-electric three-wheelers will not be permitted from January 1, 2027 and non-electric two-wheelers from April 1, 2028.
Notably, pure play EV stocks advanced on expectations of faster EV adoption under the Delhi EV Policy, while ICE-focused automakers and auto component companies came under pressure amid concerns over the phased transition away from ICE vehicles.
Beyond financial incentives, the policy seeks to strengthen Delhi’s EV ecosystem by expanding charging infrastructure, promoting battery swapping and recycling, setting up 13,200 public charging stations, and mandating electrification of public transport fleets.
The policy comes as the Delhi government looks to tackle the capital’s air pollution problem. According to the Commission for Air Quality Management (CAQM), transport is the single-largest contributor to Delhi’s PM2.5 pollution during winter, accounting for about 23% of emissions.
The CAQM report also noted that two-wheelers make up nearly 67% of Delhi’s vehicle fleet, making their electrification critical to reducing emissions. It identified three-wheelers, commercial cars and light goods vehicles as priority segments due to their high daily usage and pollution levels.
Source: Inc42 - Startups
