Three electric mobility stocks experienced significant gains on Monday, May 11, following Prime Minister Narendra Modi's Sunday speech encouraging electric vehicle adoption. According to reports from CNBC TV18, JBM Auto Ltd. emerged as the top performer with gains exceeding 4%, while Ola Electric Mobility Ltd. and Ather Energy Ltd. posted gains between 2% to 3%. The positive market reaction came after the Prime Minister's public address in Hyderabad, where he urged citizens to use electric vehicles to reduce petrol and diesel consumption, which represents a key imported commodity for India. Latest reports indicate that EV stocks like Ola Electric, Ather Energy, JBM Auto, and Olectra Greentech jumped up to 6% as investors reacted positively to the government's clean mobility vision, with the rally gaining momentum as markets expected stronger government action to accelerate clean transportation.
Ather Energy delivered strong financial results for the March quarter, with revenue increasing by 74% compared to the previous year. As reported by CNBC TV18, the company's net loss also narrowed on a year-on-year basis, driven by record deliveries of over 83,000 units, the launch of the Ritza family scooter, and increased geographic expansion. Meanwhile, Ola Electric Mobility and JBM Auto are yet to disclose their Q4 results, though Ola Electric has recovered most of its 2026 losses and is down only 1% year-to-date. Ola Electric reported around 12,166 vehicle registrations in April 2026, representing nearly 20% month-on-month growth despite weak broader industry demand, while Ather Energy continues to see strong investor interest due to improving sales and customer satisfaction levels.
The Prime Minister termed the electric vehicle push as a key step to conserve foreign exchange reserves, highlighting the strategic importance of reducing dependence on imported fuels. According to CNBC TV18, he also encouraged the use of public transport, metro rails, and carpooling for economic resilience. India imports around 85% of its crude oil needs, with rising geopolitical tensions and higher global oil prices increasing pressure on the country's import bill. The Delhi government's draft EV Policy 2026-2030 became a major trigger for EV stocks, proposing to ban new petrol two-wheelers from April 2028 and phase out many CNG-powered three-wheelers, focusing heavily on clean mobility, electric public transport, and fleet electrification. This policy direction has provided positive momentum for the electric mobility sector, with investors responding favorably to the government's commitment to promoting clean energy alternatives.
Ather Energy shares are trading 3% higher at ₹942.4, maintaining their position as the top performer in the electric mobility sector. The stock has gained 27% so far this year and is trading close to record high levels. JBM Auto shares are up 5%, having come off opening highs, with the stock gaining 8% so far in 2026 and climbing nearly 19% intraday on March 18, 2026, benefiting from India's growing electric bus demand and government-backed transport electrification projects. Ola Electric Mobility shares are trading 2.7% higher on Monday morning, showing recovery from earlier losses, while Olectra Greentech also witnessed strong buying activity with shares jumping over 17% during the March EV rally due to expanding electric bus orders. The EV sector continues showing rapid growth despite market volatility, with industry experts expecting India's EV penetration to grow significantly by 2030 as more affordable models enter the market.
