Delhi's EV Policy 2.0, effective July 1, offers tax waivers, subsidies and a ₹1 lakh scrapping incentive as part of a ₹15,000-crore push to make 95% of new vehicle registrations electric by 2027.
Ola Electric led EV stock gains, surging over 11% on heavy trading volume, while Ather Energy rose nearly 4% and JBM Auto added almost 2%.
Tata Motors Passenger Vehicles bucked the trend, dipping marginally even as the broader EV policy news lifted sector sentiment.
Electric vehicle stocks delivered a mixed but largely positive show after the Delhi government cleared its long-pending Electric Vehicle Policy 2.0, with Ola Electric Mobility leading gainers even as Tata Motors Passenger Vehicles slipped marginally.
Shares of Ola Electric Mobility surged over 11% to trade at ₹43.27 apiece, with trading volumes running at nearly 158 times its 30-day average, a sign of unusually heavy investor interest. The stock has still fallen 1.6% over the past 12 months, though it is up over 17% year-to-date.
1 June 2026
Get the latest issue of Outlook Business
Ather Energy climbed to 3.81% to ₹1,118.55, extending a 12-month gain of over 236% and a year-to-date rise of nearly 48%.
Other Major EV Manufacturers
JBM Auto added almost 2% to trade at ₹692.70, up nearly 8% over the past year and 10.33% year-to-date. The cumulative trading volume for the day reached 1.65 times its 30-day average, while the relative strength index registered at 58.68.
Tata Motors Passenger Vehicles bucked the trend, dipping marginally by about 0.51% to ₹344.55, a stock that has lost over 60% of its value in the past year and 6.21% year-to-date.
The total trading volume for the day reached 14.97 times its 30-day average, while the relative strength index stood at 42.06.
EV Policy 2.0
Delhi's EV Policy 2.0, approved by the state cabinet and set to take effect from July 1, has been unveiled by Chief Minister Rekha Gupta as a key step in the capital's drive toward clean mobility.
The policy commits nearly ₹15,000 crore in government investment over four years, targeting 95% electric vehicle registrations in Delhi by 2027.
It offers full road tax and registration fee waivers on electric cars priced at ₹30 lakh or below. Two-wheeler buyers will receive a tiered subsidy, ₹30,000 in the first year, tapering to ₹20,000 in the second and ₹10,000 in the third, while electric three-wheeler buyers will get a flat ₹50,000 subsidy in the first year.
The policy also introduces a scrapping incentive of ₹1 lakh for owners of BS-IV four-wheelers who retire their older vehicles, aimed at pushing more polluting vehicles off Delhi's roads.
The policy also sets phased deadlines, only electric autorickshaws will be registrable from January 1, 2027, and new petrol/CNG two-wheeler registrations will stop from April 1, 2028.
