Ola, Ather, JBM Auto and Olectra Greentech gain up to 6% after PM Modi urges to reduce the use of Petrol and Disel

Shares of electric vehicle manufacturers like Ola Electric, Ather Energy, Olectra Greentech and others are buzzing in Monday’s trade after Prime Minister Modi made key announcements and requests to citizens amid the escalating West Asia Crisis. PM Modi urged to citizens to save on fuel expenses, travelling abroad and deferring gold purchases for over a year as the West Asia crisis impacts the Indian currency and current account deficit adversely.

“Today, the need of the hour is to use petrol, gas, diesel and similar resources with restraint. We must use imported petroleum products only as needed. This will not only save foreign exchange but also reduce the adverse impact of war.”

Addressing a rally organised in Telangana, he suggested reducing petrol and diesel consumption, using metro rail services in cities, carpooling, increased use of electric vehicles (EVs), utilising railway services for parcel movement, and working from home to conserve foreign exchange amid the crisis in West Asia. He further added, “We have to save foreign exchange by any means”.

Following the announcements, shares of EV manufacturers rallied on Monday morning as investor optimism rose around EV stocks.

In the electric vehicle pack, shares of two-wheeler electric vehicle manufacturers like Ola Electric Mobility opened a 1% higher at ₹36.5 apiece, and Ather Energy Ltd jumped over 3.4% on Monday morning at ₹950 apiece on the NSE.

Similarly, shares of commercial electric vehicle manufacturers like Olectra Greentech jumped 2.2% higher to hit an intraday high of ₹1,379 apiece on Monday morning. Amongst all the other commercial vehicle manufacturers, JBM Auto was the top gainer with shares soaring over 5.3% to hit an intraday high of ₹688 apiece on the NSE.

While EV stocks saw a major boost after PM’s appeal, gold and jewellery stocks were the top losers, with stocks plunging up to 10%. Shares of Titan (-6%), Senco Gold (-10%), PN Gadgil (-6%) and Kalyan Jewellers fell 9% on Monday morning.