EV stocks explode up to 11% after Delhi’s ₹15,000 crore policy shocker—Ola Electric and Ather Energy ride the green wave

Electric vehicle stocks witnessed a strong surge in early trading on Tuesday after the Government of NCT of Delhi approved a sweeping new electric mobility roadmap that could reshape the capital’s transport landscape.

Shares of Ola Electric Mobility and Ather Energy jumped as much as 11%, riding high on optimism triggered by Delhi’s ambitious EV Policy 2.0.

The policy, cleared by the Delhi Cabinet, comes with a massive investment outlay of around ₹15,000 crore over the next four years, aimed at accelerating electric vehicle adoption and cutting urban pollution levels.

Delhi pushes for near-total EV adoption

Under the new framework, the Delhi government plans to offer incentives of up to ₹30,000 on the purchase of electric two-wheelers in the first year of implementation. In addition, existing benefits such as road tax waivers will continue.

One of the most significant long-term moves under the policy is the gradual phase-out of petrol and CNG two-wheelers. From April 1, 2028, only electric two-wheelers are expected to be registered in the capital.

Chief Minister Rekha Gupta stated that the goal is to ensure that 95% of all new vehicle registrations become electric by 2027, positioning Delhi as one of the world’s most aggressive EV transition cities.

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Market reacts: EV stocks surge

The stock market responded immediately to the announcement.

Ather Energy shares surged over 5% to touch a fresh 52-week high of ₹1,142.50 on the NSE. The stock has delivered impressive momentum—gaining over 13% in a week and more than 54% so far in 2026.

Meanwhile, Ola Electric Mobility shares climbed over 11%, trading near ₹44.95, continuing their volatile but upward trajectory in recent months.

Analysts believe the policy could significantly boost demand for electric two-wheelers in one of India’s largest urban markets.

Industry leaders call it a “benchmark moment”

Reacting to the announcement, Tarun Mehta called the policy one of the strongest city-level pushes for electrification in India.

He highlighted that the combination of financial incentives, infrastructure expansion and phased regulatory changes creates a strong foundation for EV adoption.

According to Mehta, if Delhi successfully transitions into a majority-EV city, it could become a national benchmark for other states to follow.

What makes Delhi’s EV policy different?

Unlike earlier incentive-driven policies, EV Policy 2.0 combines:

• Direct financial subsidies for buyers
• Strong regulatory push to phase out fossil fuel vehicles
• Large-scale investment in EV infrastructure
• Long-term registration restrictions for petrol and CNG two-wheelers

This multi-pronged strategy is expected to not only boost EV sales but also reshape mobility patterns across the capital.

A turning point for India’s EV ecosystem

India’s electric mobility market has been growing steadily, but policy-driven acceleration from a major metro like Delhi could act as a catalyst for nationwide adoption.

For companies like Ola Electric and Ather Energy, the policy opens up a massive urban demand corridor, especially in the two-wheeler segment, which dominates India’s mobility ecosystem.

However, analysts also caution that execution—particularly charging infrastructure rollout—will be key to sustaining this momentum beyond the initial market excitement.

For now, though, the message from investors is clear: Delhi’s EV push has reignited confidence in India’s electric mobility story.