Shares of electric two-wheeler makers Ola Electric Mobility and Ather Energy surged up to 11% on Tuesday as the Delhi Cabinet approved the electric vehicle (EV) policy with an outlay of Rs 15,000 crore to be invested over the next four years to promote electric mobility and reduce pollution.
The Delhi government on Monday said that it will extend incentives worth up to Rs 30,000 on the purchase of electric two-wheelers in the first year of the implementation of its new EV policy, along with the existing waiver on road taxes. Registration of new petrol and CNG two-wheelers will be gradually phased out, with only electric two-wheelers to be registered from April 1, 2028.
The Electric Vehicle (EV) Policy 2.0, which is expected to come into effect from July 1, aims to transform 95% of all new vehicles registered to electric by 2027, Delhi Chief Minister Rekha Gupta said. She added that the policy seeks to make EVs more affordable while gradually phasing out fossil fuel-powered vehicles in key segments.
Also read: Delhi EV Policy 2.0 offers subsidies of up to Rs 50,000 on electric two- and three-wheelers
Gupta said the policy has been designed to accelerate EV adoption through a mix of financial incentives and regulatory measures, making clean mobility more accessible for both individual consumers and commercial operators.
What Ather Energy CEO said
Ather Energy CEO Tarun Mehta in a post on micro-blogging platform X said the policy marks one of the most significant city-level pushes for electrification in India. “What stands out is not just the scale of the investment, but the way the policy has been designed. The combination of incentives, phased electrification mandates and charging infrastructure creates a very strong foundation,” he wrote. Mehta added that if Delhi can become majority EV, then it has the opportunity to become a benchmark for the rest of the country.
Ather Energy shares jumped over 5% to hit a fresh 52-week high of Rs 1,142.50 apiece on NSE on Tuesday. The stock has gained over 13% in one week, 18% in one month and more than 54% in 2026 so far. In the longer term, the stock gained 243% in three years.
The company currently has a market capitalisation of nearly Rs 43,446 crore.
Also read: Delhi EV Policy 2026 | New measures get Cabinet nod, govt to invest Rs 15,000 crore to boost green mobility; here's all you should know
Ola Electric Mobility shares have rallied more than 11% to trade at Rs 44.95 apiece. The shares of the company have gained 2% in one week and 7% in one month.
The stock jumped 18% in 2026 so far and 3% in one year. The company currently has a market capitalisation of Rs 20,481 crore.
