Delhi EV Policy Lifts Ola Electric 6%, Ather 3% While Eicher Slides on Petrol 2W Phase-Out
Delhi's new EV policy waives road tax and registration fees on EVs under Rs 30 lakh and layers e-two-wheeler subsidies (Rs 30k/20k/10k over three years). Ola Electric jumped ~11% intraday, Ather +3.81%, JBM Auto +1.81%. Plans to halt petrol/CNG two-wheeler registrations from 2028 pressured Eicher (-6.5%) and Tata Motors PV (-0.51%).
What happened
Delhi's new EV policy waives road tax/registration fees on EVs under Rs 30 lakh and offers e-two-wheeler subsidies, lifting Ola Electric and Ather shares while
Key facts
- Rs 30 lakh price cap
- Rs 30,000 first-year e-2W subsidy
- Rs 20,000 second year
- Rs 10,000 third year
- Ola Electric +11%
- Ather +3.81%
- JBM +1.81%
- Tata Motors PV -0.51%
- Eicher -6.5%
Why this matters
The 2028 ICE two-wheeler registration halt accelerates the strategic case for EV capacity, supply-chain localization, and potential M&A or partnerships with electric drivetrain players to de-risk legacy petrol/CNG portfolios.
What to watch
- Final notification of Delhi EV policy with exact subsidy disbursement mechanics
- Other state governments signaling similar EV incentive frameworks
- Industry body (SIAM/FADA) pushback on 2028 ICE phase-out timeline
- Ola Electric quarterly margin/burn disclosures
- Petrol/CNG 2W registration data showing demand shift
- EV charging infrastructure deployment announcements in NCR
- Watch Ola Electric and Ather guidance updates on Delhi-region order intake and capacity
- Monitor Eicher/Royal Enfield management commentary on EV 2W roadmap and ICE transition
- Track Bajaj Auto, TVS, Hero MotoCorp reactions given larger ICE 2W exposure
- Assess charging infrastructure and battery-supply readiness narratives
- Look for brokerage re-rating notes on EV vs ICE 2W mix