The gas distributors in the capital city witnessed up to a 5% fall in their shares over the Delhi government’s approval of the electric vehicle (EV) policy for cab aggregators and delivery service providers. The policy is aimed at accelerating the adoption of EVs.  

The government aims to achieve a target of 5% EVs within fleets operated by cab-hailing companies such as Uber and Ola within the next six months, according to the policy, 50% adoption rate within the next three years and entirely electric four-wheeler fleets within five years. 

The timeline of EV two-wheelers for all commercial categories is 10% within the first 6 months, 50% within two years and 100% within 4 years. The initiative mandates complete electric conversion of all commercial categories, including delivery vehicles, by 2030.

Furthermore, the policy gives way to giving legal status to bike taxis in Delhi with guidelines. Electric bike taxis shall be registered as a motorcycle, and the driver must have a passenger service vehicle badge issued by the transport department.

Shares of Indraprastha Gas Ltd (IGL), Mahanagar Gas Ltd (MGL), Adani Total Gas and Gujarat Gas were trading 1-5% lower. IGL closed 5.08% lower at Rs 456.35, with the highest fall among its peers.