Indraprastha Gas tanks over 4% on Delhi EV policy draft

"With this, Delhi has become the first state in India and among very few cities globally to mandate a time-bound transition of commercial vehicles fleets of all aggregators", Chief Minister Arvind Kejriwal said.

Shares of Indraprastha Gas Limited plunged over 4 percent to Rs 459 in afternoon trade on October 19 after the Delhi government's electric vehicle (EV) policy aimed at accelerating the adoption of EVs, might potentially impact Compressed Natural Gas (CNG) sales in the capital.

According to the policy, the Delhi government aims to achieve a 5 percent increase in EVs within fleets operated by companies such as Uber and Ola within the next six months. They intend to reach a 50 percent adoption rate within the next three years and ultimately transition to 100 percent electric fleets within five years. This initiative includes the complete electric conversion of all commercial categories, including delivery vehicles, by the year 2030.

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The policy also paves the way for giving legal status to bike taxis in Delhi with a set of guidelines. Furthermore, electric bike taxis shall be registered as a motorcycle for passengers and drivers and the driver will need to have a passenger service vehicle badge issued by the transport department.

"With this, Delhi has become the first state in India and among very few cities globally to mandate a time-bound transition of commercial vehicles fleets of all aggregators", Chief Minister Arvind Kejriwal said.

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