Electric vehicle stocks saw strong buying on Monday after Prime Minister Narendra Modi urged citizens to reduce fuel consumption and shift towards electric vehicles.
The comments boosted sentiment across the EV and green mobility space, leading to sharp gains in several related stocks.
Investors turned bullish after the Prime Minister highlighted the need to reduce dependence on imported fuel amid rising global energy concerns.
Top EV Stock Gainers After PM Modi’s EV Push (May 2026)
The earlier list is largely accurate and matches multiple financial news sources. Here is the verified and corrected version:
| Rank | Company | Verified Gain | Verified Price | EV Segment |
| 1 | Ather Energy | +6.55% | ₹975 | Electric Scooters |
| 2 | JBM Auto | +4.45% | ₹678.85 | Electric Buses |
| 3 | Ola Electric Mobility | +3.02% | ₹37.17 | Electric Scooters |
| 4 | Olectra Greentech | +2.89% | ₹1,379.40 | Electric Buses |
These gains were reported after Prime Minister Narendra Modi urged citizens to reduce fuel consumption and increase EV adoption amid rising global oil prices.
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What Information Did PM Modi Give About Shifting to Electric Vehicles?
Prime Minister Narendra Modi urged Indians to reduce fuel consumption and accelerate the shift towards electric vehicles (EVs) as part of a broader national effort to conserve foreign exchange reserves, reduce oil imports, and tackle global energy uncertainty caused by the West Asia conflict.
Ather Energy Leads EV Pack While JBM Auto and Ola Electric Gain
Ather Energy emerged as one of the biggest gainers in the sector. The stock jumped 6.55% to Rs 975 during the session.
JBM Auto also witnessed strong buying interest and rose 4.45% to Rs 678.85.
Shares of Ola Electric Mobility climbed 3.02% to Rs 37.17, while Olectra Greentech advanced 2.89% to Rs 1,379.40.
The rally reflected growing investor confidence in India’s long-term electric mobility story.
EV Stocks Data (India: 2025 – May 2026)
| Company | EV Segment | Approx. Stock Price (May 2026) | 1-Day Gain After PM Modi Speech | Market Position / Growth Trend |
| Ather Energy | Electric Scooters | ₹975 | +6.55% | Fast-growing premium EV scooter maker |
| Ola Electric Mobility | Electric Scooters | ₹37.17 | +3.02% | India’s largest EV scooter seller by volume |
| JBM Auto | Electric Buses & Mobility | ₹678.85 | +4.45% | Major beneficiary of PM eBus schemes |
| Olectra Greentech | Electric Buses | ₹1,379.40 | +2.89% | Leading electric bus manufacturer |
| Tata Motors | EV Cars | ₹1,000 | Positive momentum | Dominant EV passenger vehicle player |
| Mahindra & Mahindra | Electric SUVs | ₹2,900 | Positive momentum | Rapid EV expansion in SUV segment |
| TVS Motor Company | Electric Scooters | ₹2,400 | Stable growth | iQube gaining market share |
| Bajaj Auto | Electric Scooters | ₹9,500 | Stable growth | Chetak emerged among top EV scooters |
| Exide Industries | EV Batteries | ₹530 | Positive trend | Expanding lithium-ion investments |
| Amara Raja Energy & Mobility | EV Batteries | ₹1,400 | Strong momentum | Building giga-scale battery plants |
| Sona BLW Precision Forgings | EV Components | ₹590 | +2% approx. | Major EV drivetrain supplier |
PM Modi’s Remarks Become Key Trigger for EV Stocks
- Use electric vehicles (EVs) more to reduce petrol and diesel consumption.
- Prefer metro trains, buses, and public transport instead of private vehicles.
- Start carpooling to save fuel and reduce traffic.
- Bring back work-from-home, virtual meetings, and video conferencing to reduce daily travel.
- Use railways more for transporting goods to save fuel.
- Reduce unnecessary foreign travel and destination weddings abroad to save foreign exchange.
- Avoid non-essential gold purchases for one year to help conserve India’s foreign reserves.
- Buy and use more “Made in India” products.
- Farmers should shift from diesel pumps to solar-powered irrigation pumps.
- Reduce dependence on imported fuel and support clean energy adoption.
- Save fuel because global oil prices are rising due to the West Asia conflict.
- Treat responsible and sustainable living as a form of patriotism.
PM Modi Encourages Citizens to Adopt Electric Vehicles
The Prime Minister called for major changes in daily travel habits.
He urged people to use metros, adopt carpooling and increase the use of electric vehicles to reduce fuel consumption.
“People with electric vehicles should try to use them as much as possible,” Modi said.
The statement was seen as a strong endorsement of India’s EV sector and future clean energy transition.
Here’s What Happened Today and Why Traders Reacted
Traders reacted quickly to the Prime Minister’s comments because government support often acts as a strong trigger for sector-specific stocks.
Several EV companies witnessed fresh momentum buying throughout the session.
Here are the key reasons behind today’s rally:
- PM Modi openly backed EV adoption
- Rising fuel prices increased focus on electric mobility
- Investors expected stronger policy support for EV companies
- Energy security concerns boosted green mobility stocks
- Traders rushed to buy momentum-driven EV counters
The market viewed the remarks as positive for the long-term growth of electric vehicle companies.
Work-From-Home Comments Added Another Market Angle
Apart from EV adoption, PM Modi also suggested reviving work-from-home practices used during the Covid-19 pandemic.
“We got into work-from-home, virtual meetings and video conferencing during Covid-19. The need of the hour is to resume those methods,” he said.
These comments added another layer to the government’s fuel-saving narrative.
Investors believe such measures could strengthen India’s broader push towards energy efficiency and self-reliance.
What Impact Did This Have on Investors and Traders?
The rally brought relief to investors holding EV and green mobility stocks after recent market volatility.
Short-term traders benefited from strong price momentum in Ather Energy, JBM Auto and Ola Electric shares.
For long-term investors, the Prime Minister’s comments reinforced confidence in the future growth potential of India’s EV sector.
Analysts believe EV stocks may remain in focus if the government continues promoting clean mobility and domestic energy alternatives.
EV Stocks Could Stay in Focus in Coming Sessions
With crude oil prices remaining volatile globally, electric mobility is becoming an important theme for Indian markets.
The latest remarks from PM Modi have once again shifted investor attention towards EV manufacturers and green mobility companies.
Market experts believe policy support, infrastructure expansion and rising consumer adoption could continue driving momentum in EV-related stocks in the coming months.
