EV Stocks Surge: Ola, Ather, JBM Auto and Olectra Gains Up to 6% After PM Modi's Call to Reduce Petrol and Diesel Use

Prime Minister Narendra Modi's recent appeal to reduce the consumption of petrol and diesel has positively impacted the stock market, particularly the electric vehicle (EV) sector.  

With the ongoing crisis in West Asia, PM Modi's suggestions target conserving foreign exchange by embracing EVs and other domestic resources. 

PM Modi Advocates for Reduced Fuel Consumption 

In a rally held in Telangana, PM Modi emphasised the importance of using imported petroleum products sparingly to save foreign exchange and reduce the adversities of the West Asia crisis. 

His suggestions included utilising metro rail services, carpooling, and electric vehicles. The appeal has invigorated investor confidence in EV companies, elevating their share prices. 

Surge in EV Stocks 

Following the Prime Minister's speech, shares of leading EV manufacturers like Ola Electric Mobility and Ather Energy witnessed notable gains.  

Ola Electric Mobility's shares advanced by 1%, priced at ₹36.5 each, while Ather Energy's stock increased by 3.4%, reaching ₹950 on the NSE. 

Similarly, Olectra Greentech, a commercial EV manufacturer, saw a rise of 2.2%, reaching ₹1,379 per share.  

JBM Auto emerged as the top gainer in the commercial vehicle segment, with shares ascending by 5.3% to an intraday high of ₹688 on the NSE. 

Read More: BSE Share Price in Focus After Q4 FY26 Earnings Results: Net Profit up 61.3% YoY! 

Adverse Impact on Gold and Jewellery Stocks 

While EV stocks experienced a positive trend, the PM's caution against gold purchases led to a decline in associated stocks.  

Companies like Titan, Senco Gold, and Kalyan Jewellers saw a dip, with shares plummeting by up to 10%. This contrast highlights the varying impact of PM Modi's recommendations across market sectors. 

Conclusion 

The market's response to PM Modi's appeal has resulted in a significant uptick in the EV segment, reflecting a tectonic shift in investor sentiment towards greener and more sustainable alternatives. Meanwhile, gold and jewellery stocks faced challenges, displaying the broader market's reaction to geopolitical and economic advisories. 

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