The stock rose as much as 11.3% to an intraday high of ₹44.95 and was trading 8.6% higher at ₹43.87 around 1 pm. Ola Electric’s peer Ather Energy also gained nearly 10% intraday.
The rally follows the Delhi Cabinet’s approval of the new EV Policy on Monday, which will come into effect from July 1. Under the policy, registration of new internal combustion engine (ICE) two-wheelers will cease from April 1, 2028, with only electric two-wheelers eligible for registration thereafter.Read more: Delhi EV Policy: Here are the stocks to play the theme, as highlighted by analysts
During the first year of implementation, buyers of electric two-wheelers will also be eligible for a ₹30,000 subsidy.
The policy also mandates that only electric auto-rickshaws will be registered from January 1, 2027, while buyers of electric three-wheelers will receive a ₹50,000 subsidy. Hybrid vehicles will not be eligible for incentives.
The Delhi government expects the policy to attract ₹15,000 crore of investments over the next four years.
The latest rally has extended Ola Electric’s sharp recovery, with the stock now having doubled from its all-time low of ₹22.25.
The next key trigger for the stock is tomorrow, on July 1, when the company’s June sales figures will be revealed, followed by its Q1FY27 earnings results expected to be announced in August.
