Ather Energy, JBM Auto and Olectra Greentech rallied as the capital outlined its next phase of EV adoption.
Shares of key electric vehicle (EV) companies moved higher on Monday after the Delhi government released its draft Electric Vehicle Policy 2026–2030, signalling stronger regulatory support for electric mobility in the capital.
Ather Energy led the gains, rising more than 5 percent to ₹906.80. JBM Auto advanced over 2.5 percent to ₹626.85, while Olectra Greentech climbed nearly 3 percent to ₹1,218.85 during Monday’s trade.
The market reaction followed the Delhi government’s draft policy announcement over the weekend, which proposes aggressive electrification targets. The plan suggests banning registration of new petrol-powered two-wheelers from April 2028 and phasing out new CNG three-wheelers from January 2027, effectively pushing these high-volume vehicle categories toward full electrification.
Two-wheelers form a large share of Delhi’s vehicle population and contribute significantly to urban emissions, making them a central focus of the policy. The draft also highlights commercial fleets, goods carriers and three-wheelers as major pollution contributors, indicating stricter electrification mandates ahead.
While the policy avoids direct purchase subsidies for private electric cars, it proposes continued incentives through road tax waivers for EV buyers and a 50 percent road tax concession for hybrid vehicles priced up to ₹30 lakh.
Industry participants and citizens have been invited to submit feedback during a 30-day public consultation period ending May 10.
The proposed framework is widely viewed by investors as a positive demand trigger for EV manufacturers, particularly companies with strong exposure to electric two-wheelers and public transport electrification—segments where Ather Energy, JBM Auto and Olectra Greentech maintain significant presence.
