JBM Auto, Olectra Greentech, and Atul Auto shares spiked up to 18.9 per cent in trade on BSE after the Delhi government released a draft Electric Vehicle Policy 2026–2030. At 10:57 AM, JBM Auto's share price was trading 2.89 per cent higher, Olectra Greentech was up 3 per cent, and Atul Auto was up 18.04 per cent. In comparison, the BSE Sensex was down 1.35 per cent at 76,505.72.
The buying on the counters came after the Delhi government proposed a 100 per cent exemption on road tax and registration fees for electric cars priced up to ₹30 lakh, applicable till March 31, 2030. Vehicles above this threshold will not be eligible for such benefits, while strong hybrid models may receive a 50 per cent exemption on road tax and registration charges, according to the draft uploaded by the transport department.
The draft policy places sharper emphasis on high-volume segments such as two- and three-wheelers, with a time-bound subsidy structure to drive adoption. Electric two-wheeler buyers may receive incentives of up to ₹30,000 in the first year — calculated at ₹10,000 per kWh — tapering to ₹20,000 in the second year and ₹10,000 in the third, with eligibility restricted to vehicles priced below ₹2.25 lakh at the factory level. CHECK Stock Market LIVE Updates
For electric auto-rickshaws, the policy outlines fixed incentives of ₹50,000 in the first year, reducing to ₹40,000 and ₹30,000 over the following two years. The benefit covers both new purchases and replacement of older CNG autos with Delhi permits — a clear push to transition one of the city's most heavily used transport modes. Incentives will be disbursed through direct benefit transfer to eligible buyers, including individuals and businesses, subject to registration within Delhi.
The draft also outlines phased restrictions on internal combustion engine (ICE) vehicles in high-volume segments. From January 1, 2027, only electric three-wheelers will be permitted for new registrations in Delhi — a significant move given three-wheelers' role in last-mile connectivity and commercial transport in the capital. The policy further indicates a broader transition trajectory towards electrification of two-wheelers as well. While the focus remains on new registrations, the draft does not propose an immediate ban on existing ICE vehicles in order to allow a gradual and managed transition.