Delhi EV Policy 2026: Ola, Ather jump up to 11% in trade

What changed in Delhi and why EV stocks reacted

Ola Electric Mobility Ltd. and Ather Energy Ltd. stocks moved higher on Tuesday after the Delhi Cabinet approved the Delhi EV Policy 2026. The policy announcement triggered buying interest across electric vehicle-linked names, especially in the two-wheeler segment. Reports linked the market reaction to a combination of financial incentives and a tighter regulatory pathway for fossil-fuel two-wheelers in the national capital.

The policy is positioned as a push to accelerate electric mobility and reduce pollution. It also brings clarity on timelines for phasing out new petrol and CNG two-wheeler registrations. For listed EV manufacturers and the broader supply chain, policy certainty and incentives often influence near-term sentiment.

Outlay and key targets highlighted by the government

The approved EV policy includes an outlay of Rs 15,000 crore to be invested over the next four years. Delhi Chief Minister Rekha Gupta said the Electric Vehicle (EV) Policy 2.0 is expected to come into effect from July 1. She also stated that the policy aims to transform 95% of all new vehicles registered to electric by 2027.

The Chief Minister said the policy seeks to make EVs more affordable while gradually phasing out fossil fuel-powered vehicles in key segments. The stated approach combines financial incentives with regulatory measures, with the intention of making clean mobility more accessible for individual consumers and commercial operators.

Registration rules: the 2027 and 2028 milestones

The policy outlines a phased approach to registrations in Delhi. As part of the announced framework, only electric autorickshaws will be registered in Delhi from January 1, 2027.

For two-wheelers, the policy sets a clear end-date for new internal combustion registrations. Starting from April 1, 2028, only new electric two-wheelers would be registered in Delhi. The government has also said registration of new petrol and CNG two-wheelers will be gradually phased out ahead of that deadline.

Incentives, tax waivers and scrappage benefits mentioned

To speed up adoption, the policy uses an incentive system for EV purchasers. Reports said buyers of electric two-wheelers get incentives amounting to Rs 30,000 in the first year, while buyers of electric three-wheelers can get incentives worth up to Rs 50,000. Another report added a stepped subsidy structure for e-two-wheelers: Rs 30,000 in the first year, Rs 20,000 in the second year and Rs 10,000 in the third year.

The Delhi government also said it will extend incentives worth up to Rs 30,000 on the purchase of electric two-wheelers in the first year, along with the existing waiver on road taxes. Separately, reports also mentioned a Rs 1 lakh scrappage incentive for BS-IV four-wheelers under the policy.

Ola Electric: opening, intraday high and where it traded later

Ola Electric Mobility shares drew strong buying interest in early trade after the policy announcement. The stock opened at Rs 40.58 compared with a previous close of Rs 40.38. Momentum strengthened during the session, with the stock rising to an intraday high of Rs 44.95, a gain of about 11.32% from the previous close.

At 11:13 am, Ola Electric was trading at Rs 42.63, up 5.57%. Another market update said the stock later trimmed gains amid profit booking and was trading 4.8% higher at Rs 42.38 at 10:57 AM IST. Ola Electric was also cited among the top gainers in the Nifty 500 Index during the session.

Ather Energy: fresh highs and recent performance metrics

Ather Energy shares also reacted positively to the policy approval. The stock opened at Rs 1,092.95 after a previous close of Rs 1,083.75, an opening rise of 0.85%. During the session, it climbed to Rs 1,125.00, up 3.80% from the previous close.

Another update said 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 was also reported to have gained over 13% in one week, 18% in one month and more than 54% in 2026 so far. Over a longer period, it was reported up 243% in three years, with a market capitalisation of nearly Rs 43,446 crore.

Wider EV tape: other names that moved

EV-linked stocks showed a mixed picture overall, with some names rising while others were softer. Reports said shares of JBM Auto Ltd. and Olectra Greentech moved higher in early trade alongside Ola Electric and Ather Energy. One update also noted Zelio E-Mobility advanced 2% to Rs 567.25 during the session.

Tata Motors Passenger Vehicles Ltd. was mentioned as falling slightly in the same coverage, while the day’s focus remained on the immediate impact of Delhi’s incentive and registration roadmap.

Key numbers from the announcement and market moves

Market impact: why investors tracked these clauses closely

The immediate market impact was most visible in electric two-wheeler makers, where the policy directly addresses both demand and the regulatory pathway for registrations. The combination of purchase incentives and timelines for restricting new petrol and CNG two-wheeler registrations created a clear policy signal for Delhi, one of India’s most closely watched EV markets.

In trading terms, Ola Electric’s move to Rs 44.95 intraday from a Rs 40.38 previous close and Ather Energy’s move to a 52-week high of Rs 1,142.50 were the headline reactions. The policy’s financial incentives, tax waivers, and phased registration changes were the key elements repeatedly cited alongside these moves.

What companies said publicly

Ather Energy CEO Tarun Mehta said on X that the policy marks one of the most significant city-level pushes for electrification in India. He added that if Delhi can become majority EV, it can become a benchmark for the rest of the country.

The policy commentary from the Delhi government focused on affordability and a planned transition, pairing incentives with regulatory measures. The market’s response on Tuesday suggested investors were actively pricing in the near-term sentiment boost from the announcement.

Conclusion

Delhi EV Policy 2026 delivered a set of clear incentives and registration timelines that helped lift sentiment in EV-linked stocks, led by Ola Electric and Ather Energy. The policy includes an outlay of Rs 15,000 crore over four years, with stated targets running through 2027 and registration milestones set for 2027 and 2028. The next key milestone flagged by the government is the expected start date of July 1 for EV Policy 2.0, which investors will track for implementation details.