- Shares of EV and clean mobility firms rose sharply after PM Modi urged fuel reduction and EV adoption
- Ather Energy shares gained 8.1%, JBM Auto rose 4.45%, Ola Electric climbed 3.02% on Monday
- PM Modi highlighted the need to cut fuel imports amid West Asia crisis and rising global energy costs
Shares of electric vehicle and clean mobility companies advanced sharply in Monday's trade after Prime Minister Narendra Modi called for reduced fuel consumption and faster adoption of electric vehicles in response to rising global energy pressures stemming from the West Asia crisis.
Among the key movers, Ather Energy climbed as much as 8.1% to Rs 989.4, emerging as one of the top gainers in the EV pack. JBM Auto rose 4.45% to Rs 678.85, while Ola Electric Mobility gained 3.02% to Rs 37.17.
Meanwhile, Olectra Greentech advanced 2.89% to Rs 1,379.40 as investors lapped up green mobility counters following the Prime Minister's remarks.
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Addressing a public gathering in Hyderabad on Sunday, Modi said India must respond to global supply-chain disruptions by changing consumption patterns and reducing dependence on imported fuels.
“We have to save foreign exchange by any means,” Modi said, adding that the West Asia conflict had significantly pushed up petrol and fertiliser prices.
The Prime Minister also advocated a broader shift in mobility habits, urging citizens to use metros, carpool, adopt electric vehicles and revive remote working practices that became common during the Covid-19 pandemic.
“We got into work-from-home, virtual meetings, video conferencing, and many other methods during Covid-19. We got habituated to them. The need of the hour is to resume those methods,” Modi said.
He further encouraged increased use of railway transportation for freight movement and asked EV owners to maximise usage of electric vehicles to help curb fuel consumption.
“People with electric vehicles should try to use them as much as possible,” he said.
The comments triggered fresh buying interest in EV and sustainability-linked stocks even as broader markets remained focused on the economic fallout of geopolitical tensions and elevated crude oil prices.
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