Shares of Ola Electric Mobility surged up to 5 percent on Friday, reaching ₹57.50, and marking nearly 20 percent gains for the week. The rally was driven by policy support and company-specific developments, notably the company receiving Production Linked Incentive (PLI) certification for its Gen 3 scooter lineup. In a filing dated August 26, Ola announced it had received compliance certification under the PLI scheme for automobiles and auto components from the Automotive Research Association of India (ARAI), under the Ministry of Heavy Industries. The approval includes all seven models in the S1 Gen 3 range, such as the S1 Pro and S1 X variants. Ola noted that both its Gen 2 and Gen 3 scooters are now PLI-certified, with the latter forming the bulk of current sales — expected to boost profitability from Q2 FY26.
Investor sentiment was also lifted by expectations of a potential GST reduction on entry-level two-wheelers and EVs. Additionally, reports of Niti Aayog’s push to electrify motorcycles added optimism. Ola’s founder, Bhavish Aggarwal, reaffirmed plans to capture 25–30% of India’s electric two-wheeler market, focusing on vertical integration and scaling volumes.