IGL shares slip 5% on Delhi govt's draft EV policy

IGL shares slip 5% on Delhi govt's draft EV policy.

Shares of Indraprastha Gas Ltd (IGL) slipped 5 percent on Tuesday on reports of Delhi government recommending the phasing out of CNG-driven autorickshaws in the national capital.

Delhi-based company, IGL, has 30 percent of its volumes from CNG, however, mostly it comes from cars. Although, the government's draft EV Policy mandates phased EV conversion in a phased-manner which may not be good for the company in a long-term.

Shares of the company dropped to Rs 178.72 per share on the NSE, down 4.85 percent at around 3 PM.

According to a PTI report, which quoted the draft EV Policy 2.0, no CNG autorickshaw registration will be allowed from August 15 this year.

The CNG auto permits will not be renewed from August 15 this year and all such permits will be substituted or re-issued with only e-auto permits.

All the CNG auto-rickshaws above 10 years old will be mandatorily replaced or retrofitted to be run on batteries during the policy period. In a strong recommendation, the draft policy also lays down that two wheelers running on petrol, diesel, CNG will not be allowed from 15 August, 2026.

The draft EV Policy 2.0 also mandates all garbage collection vehicles leased, owned by the Municipal Corporation of Delhi, New Delhi Municipal Council and Delhi Jal Board to be transitioned to electric vehicles in a phased manner and achieve 100 percent electric fleet by December 31, 2027.

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