EV Stocks Defy Broader Markets: Ather Hits 52-Week High, Olectra Greentech Jumps 6.5% After Draft Delhi EV Policy

While the Indian equity indices on Monday traded in deep red due to the failure of peace talks between the United States and Iran, stocks of electric vehicle companies managed to buck the trend.

The stocks of companies like electric scooter manufacturer Ather Energy and electric bus makers JBM Auto and Olectra Greentech surged up to YY percent as the Delhi government announced its draft electric vehicle policy.

While the stock of Ather Energy opened about 1.7 percent lower at Rs 848.20 compared to its previous close of Rs 863.45 apiece.

Later in the day, the stock surged to Rs 924.90, which was 9.5 percent higher than the previous close. This was also the 52-week high of the stock.

The stock of JBM Auto also surged on Monday. Though it opened about 0.8 percent lower at Rs 606.50 compared to the previous close of Rs 611.75, the stock later climbed to Rs 644.80 apiece, which was about 5.4 percent higher.

Similarly, the stock of electric bus manufacturer Olectra Greentech also opened lower but soon shed the losses to trade in green.

The stock opened at Rs 1,176.35, or 0.6 percent lower than the previous close of Rs 1,184.45. It went higher to Rs 1,262 apiece during the trade, which was 6.5 percent higher.

These stocks traded in green in contrast to the broader markets, which declined on Monday.

Investor sentiment for electric vehicle companies turned positive as the Delhi government released its draft electric vehicle policy for 2026-2030.

The draft policy has proposed various incentives for electric two-wheelers, electric three-wheelers, and electric cars.

According to the policy, electric two-wheelers priced up to Rs 2.25 lakh will get subsidies based on battery size. Buyers can receive Rs 10,000 per kWh (up to Rs 30,000) in the first year, but this will reduce every year.

In the second year, the incentive will reduce to Rs 6,600 per kWh (up to Rs 20,000), while the subsidy will decline to Rs 3,300 per kWh (up to Rs 10,000).