EV Policy Draft Lifts JBM Auto, Olectra, Atul Auto Shares By Almost 19% In Early Trade
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Shares of Atul Auto, JBM Auto and Olectra Greentech advanced almost 19% after Delhi unveiled its EV policy draft offering subsidies and tax waivers, even as the Sensex traded lower in early deals.
Shares of JBM Auto, Olectra Greentech, and Atul Auto surged up to 18.9% in early trade on the Bombay Stock Exchange (BSE) after the Delhi government released its draft Electric Vehicle (EV) Policy 2026–2030.
At 2:38 pm, JBM Auto Ltd shares were trading 2.49% higher on the BSE, while Olectra Greentech and Atul Auto shares were up by 2.83% and 14.26%, respectively. The sharp move in EV-linked stocks followed the Delhi government’s draft Electric Vehicle (EV) policy 2026-2030, aimed at lowering upfront costs and accelerating EV adoption in key segments.
Focus On Two- And Three-Wheelers
The draft policy places greater weight on high-volume segments, especially two- and three-wheelers. It proposes a phased incentive structure to push adoption for electric two-wheelers and auto-rickshaws (see table):
Year 1: Up to ₹30,000 | Year 1: ₹50,000 |
Year 2: Up to ₹20,000 | Year 2: ₹40,000 |
Year 3: Up to ₹10,000 | Year 3: ₹30,000 |
The incentives will also apply to the replacement of older CNG autos holding Delhi permits. The move targets one of the most widely used transport segments in the city.
Subsidies will be disbursed through direct benefit transfer to eligible buyers, including individuals and businesses, subject to registration in Delhi.
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Phase-Out Plan For ICE Vehicles
The draft sets a clear timeline to reduce the use of petrol and diesel vehicles in busy segments. From 1 January 2027, new registrations of three-wheelers in Delhi will be limited to electric models. These vehicles are widely used for last-mile travel and small commercial operations.
For two-wheelers, the change is expected to happen in stages. For now, the policy applies only to new registrations. It does not seek to take existing petrol vehicles off the roads immediately.
Instead, the approach leans on incentives and some regulatory steps to nudge buyers towards electric options over time, rather than pushing a sudden shift.
Sources:
Business Standard
Moneycontrol
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
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