Mumbai/IBNS, June 30 -- Shares of electric vehicle (EV) companies surged on Tuesday after the Delhi government approved a major electric vehicle policy aimed at accelerating the adoption of clean mobility, according to media reports.

Subsidies for electric two-wheelers

The policy also offers phased subsidies for electric two-wheelers. Buyers will receive Rs. 30,000 in the first year, Rs. 20,000 in the second year and Rs. 10,000 in the third and final year.

Phase-out of petrol and CNG two-wheelers

The registration of new petrol and CNG-powered two-wheelers will be phased out under the policy.

EV stocks rally

The policy announcement boosted shares of several electric vehicle manufacturers:

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