EV Stocks Rally Up To 6.5% After PM Modi Pushes Electric Vehicle Adoption

No image Sagar Patel - 2 min read

Last Updated: 11th May 2026 - 06:41 pm

Summary:

Shares of electric vehicle and green mobility companies gained on May 11 after Prime Minister Narendra Modi urged citizens to increase the use of electric vehicles and reduce dependence on imported fuel amid rising global crude oil prices.

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Electric vehicle and green mobility stocks rose sharply on May 11 after Prime Minister Narendra Modi called for increased use of electric vehicles and reduced fuel consumption amid the ongoing West Asia crisis and rising crude oil prices.

Ather Energy emerged among the top gainers, rising 6.55% to ₹975 during Monday’s session. JBM Auto gained 4.45% to ₹678.85, while Ola Electric Mobility climbed 3.02% to ₹37.17.

Olectra Greentech also advanced 2.89% to ₹1,379.40 as investors bought shares linked to electric mobility and alternative transportation.

The gains followed PM Modi’s remarks at a public meeting organised by the Telangana BJP, where he urged citizens to reduce dependence on imported fuel and increase the use of electric vehicles.

“We have to save foreign exchange by any means,” the Prime Minister said during the address.

He also asked citizens to adopt practices such as carpooling, using metro rail services and shifting towards electric vehicles to reduce fuel consumption.

“People with electric vehicles should try to use them as much as possible,” Modi said during the event.

The Prime Minister further called for greater use of railway transportation for goods movement and encouraged citizens to revive work-from-home practices introduced during the Covid-19 pandemic to lower fuel usage.

The remarks came as global crude oil prices remained elevated due to tensions in West Asia. Brent crude oil traded above $100 per barrel on May 11 amid concerns over supply disruptions and higher transportation costs.

The broader market traded under pressure during the session, but the electric vehicle and green mobility stocks saw buying interest after the Prime Minister’s comments supporting EV adoption and reduced fuel consumption.

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