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Electric vehicle (EV) stocks such as JBM Auto, Ola Electric Mobility, Ather Energy and Olectra Greentech surged up to 7% on Monday after Prime Minister Narendra Modi urged citizens to conserve fuel and increase the use of public transportation amid the ongoing West Asia crisis.
JBM Auto share price jumped as much as 7.26%, Ola Electric shares surged 4.49%, Ather Energy stock price spiked 5.6%, while Olectra Greentech shares rallied 4.9%.
“It is time for us to use petrol, diesel and gas with great care,” PM Modi said on Sunday while inaugurating projects in Hyderabad, Telangana. “We must make, efforts to use only as much as is needed to save foreign currency and reduce the adverse effects of the war,” he added.
JBM Auto, Ola Electric, and Ather Energy stocks rose after PM Modi urged people to conserve fuel and increase the use of public transportation amid the West Asia crisis, aiming to save foreign currency reserves.
PM Modi made seven appeals, including prioritizing work from home, avoiding non-essential gold purchases and foreign travel for a year, reducing petrol and diesel consumption by using public transport, cutting down cooking oil use, reducing chemical fertilizer dependence, and using fewer foreign products.
Automakers are trying to absorb commodity inflation rather than passing it entirely to consumers by negotiating with suppliers, localizing components, cutting discounts, delaying discretionary spending, and stockpiling supplies.
PM Modi encouraged working from home and using public transport to conserve fuel, save foreign currency reserves, and reduce the adverse effects of the West Asia crisis on the Indian economy.
The West Asia crisis has led to surging crude oil prices, which in turn increases input costs for automakers. While EV makers are benefiting from robust demand, traditional automakers face challenges in passing on costs without impacting demand.
Along with this, PM Modi made seven big appeals, such as working from home, online meetings and limiting travel to cushion the consumer from soaring oil prices.
Modi also urged citizens to help conserve foreign exchange reserves by avoiding unnecessary overseas travel, vacations and weddings, opting for domestic tourism instead, and refraining from non-essential gold purchases for a year.
The sharp spike in crude oil prices amid the escalating US-Iran war in the Middle East has intensified concerns over inflationary pressures and a widening of India’s import bill, which could potentially lead to a higher current account deficit (CAD).
A 10% increase in crude prices could push up inflation by 50 basis points and pare growth by 15 basis points, the Reserve Bank of India (RBI) earlier said in a Monetary Policy Report.
Crude oil prices are trading above $100 a barrel as the Strait of Hormuz, which carries about 20% of the world’s crude, remains largely closed amid the West Asia conflict. Brent crude futures jumped 4.22% to $105.56 a barrel, while US West Texas Intermediate was at $100.00 a barrel, up 4.80%.
Market analysts believe EV stocks could emerge as key beneficiaries if consumers increasingly shift away from petrol and diesel-powered vehicles in response to elevated fuel costs and government-led conservation measures.
The rally in electric vehicle stocks reflects growing investor optimism that sustained high crude oil prices and fuel conservation measures could accelerate India’s transition towards cleaner mobility solutions.
With concerns over inflation, rising import costs and pressure on the current account deficit mounting, the ongoing geopolitical tensions may further strengthen the long-term outlook for EV manufacturers and public transportation-linked companies.
Ankit Gohel is the Deputy Chief Content Producer at Livemint, specialising in financial markets, macroeconomics, and regulatory developments. With a strong focus on equity markets, primary issuances, and policy-driven market movements, he brings clarity to complex financial developments for investors and market participants. <br><br> With nine years of experience in business and financial journalism, Ankit’s approach is rooted in the belief that market reporting should go beyond headlines — connecting data, policy, and ground realities to deliver actionable insights. His work consistently bridges the gap between institutional analysis and investor understanding. <br><br> Ankit has spent three years at Livemint, where he currently helps drive market coverage, editorial strategy, and high-impact financial stories. Prior to this, he worked with leading business news networks such as CNBC-TV18, ET Now, TickerPlant News Service where he built deep expertise in stock market analysis, macroeconomic trends, primary markets, and coverage of key regulators including the RBI and SEBI. <br><br> Over the years, he has covered market cycles across bull and bear phases, IPO booms, liquidity shocks, and major policy shifts that reshaped investor sentiment. He has interviewed fund managers, corporate leaders, and policymakers, translating their perspectives into sharp, data-backed narratives. Ankit combines speed with accuracy — ensuring timely, credible, and insight-driven financial journalism that empowers both retail and institutional audiences.
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