Delhi's 2028 Petrol Ban Slams Royal Enfield; Eicher Falls 6.5%
Delhi EV Policy 2.0 bars new petrol and CNG two-wheeler registrations from April 1, 2028, hitting Royal Enfield's petrol-heavy lineup. Eicher Motors slid 6.5% while EV-ready rivals TVS, Bajaj, Hero, Ather and Ola stand to capture Delhi commuter share.
What happened
Delhi's EV Policy 2.0 bans new petrol/CNG two-wheeler registrations from April 2028, hitting Royal Enfield's petrol-heavy lineup. Eicher fell 6.5%; EV-ready
Key facts
- 6.5% share drop
- April 1 2028 petrol ban
- 3.3% RE market share
- 17% TVS EV share
- 12% Bajaj/Hero EV share
- 9% Ather
- 4% Ola
Why this matters
The 2028 ban creates urgency for Eicher to pursue EV partnerships, acquisitions, or platform licensing to defend its Delhi presence against electric-first competitors.
What to watch
- Final notification language and grandfathering clauses in Delhi EV Policy 2.0
- Other state EV policy announcements echoing the petrol-ban template
- Flying Flea launch date, pricing, and Delhi dealership rollout
- Monthly RE wholesale/retail numbers and Delhi-region registration data
- Industry body (SIAM/FADA) lobbying or legal challenge to the 2028 deadline
- Eicher management to issue commentary quantifying Delhi exposure and reaffirming Flying Flea EV timeline
- Sell-side desks to cut near-term Delhi volume assumptions but flag low single-digit revenue exposure
- TVS, Bajaj, Ather, Ola to amplify EV-ready marketing targeting Delhi commuter segment
- Bargain-buying in Eicher if dip overshoots fundamental Delhi exposure