Electric Vehicle Surge: A Positive Reaction to PM Modi's Fuel Strategy

Shares of electric vehicle companies rose significantly following Prime Minister Narendra Modi's call for reduced fuel consumption and increased EV use to protect the economy amid the West Asia crisis. Companies like Ather Energy and Ola Electric Mobility saw notable gains as Modi emphasized economic resilience strategies.

Shares of electric vehicle manufacturers surged on Monday, driven by Prime Minister Narendra Modi’s recent advocacy for strategic fuel consumption and heightened EV usage in response to the ongoing West Asia crisis.

Notable performers included Ather Energy, which saw a 6 percent increase, JBM Auto with a 4.75 percent rise, and Ola Electric Mobility, edging higher by 2.47 percent on the BSE.

During a Hyderabad rally, Modi accentuated the government's efforts to mitigate economic impacts from regional conflicts and advocated measures such as reduced fuel consumption, increased reliance on electric vehicles, and heightened public transport use to bolster the country's foreign exchange.