EV stocks jumped sharply after PM Modi’s call to reduce petrol and diesel use
Ather Energy led gains, rising over 6%
Broader EV pack, including JBM Auto and Olectra Greentech, also saw strong buying
Electric vehicle and clean mobility stocks rose sharply on Monday, May 11, after Prime Minister Narendra Modi called for reduced fuel consumption and greater adoption of electric mobility solutions.
Ather Energy rose 6.64% to ₹975.85 at 2:38 PM on May 11. JBM Auto gained 4.97% to ₹682.20, while Ola Electric Mobility advanced 2.72% to ₹37.06. Olectra Greentech also rose 2.54% to ₹1,374.80.
The stocks moved higher during intraday trade on NSE, with gains seen across the broader EV and green mobility segment.
1 May 2026
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According to Mint, market analysts believe EV stocks could emerge as key beneficiaries if consumers shift away from petrol and diesel vehicles amid high fuel costs and government-led conservation efforts.
The report added that the rally reflects investor expectations that sustained crude oil prices and fuel-saving measures could support India’s long-term transition toward cleaner mobility and electric vehicles.
What PM Modi Has Said?
Addressing a public event in Hyderabad on Sunday, he said, “We must take a pledge in this time of global crisis to use petrol and diesel sparingly.” He also said that in cities with metro networks, “people should prefer metro travel,” and if cars are used, “carpooling should be encouraged.”
He added that citizens using electric vehicles should “try to use them as much as possible,” and also highlighted the need to continue work-from-home practices and online meetings where possible.
He further noted that “the growing culture of weddings abroad, travelling abroad, and vacationing abroad is becoming prevalent among the middle class,” and suggested that people should consider postponing overseas travel for at least a year during this time of crisis.
India's EV Market
India’s electric passenger vehicle market has carried forward its strong momentum into April, indicating that demand is stabilising rather than cooling off after the financial year-end spike.
According to Vahan retail data, EV sales rose 69.5% year-on-year (YoY) to 79,063 units during January–April 2026. Monthly volumes remained elevated, with sales at around 23,097 units in March and only slightly lower at 22,677 units in April.
While March typically sees a surge due to discounts and year-end buying, April’s performance suggests that demand is holding steady. Despite having fewer selling days—around 26 to 28 compared to higher effective days in earlier months—consumer interest in EVs has remained intact.
Among automakers, Tata Motors continued to dominate the EV segment, with cumulative sales of 31,604 units in the first four months of 2026, marking a 65.2% increase YoY. The company maintained consistent monthly volumes, staying above 8,500 units through March and April.
Mahindra & Mahindra emerged as the fastest-growing major player, with sales jumping 170.4% YoY to 18,153 units during the same period. Meanwhile, Maruti Suzuki scaled up from a low base, crossing 1,200 units in April.
