New Delhi, April 1 -- Amid the oil shock triggered by the war in West Asia, one sector that stands to benefit is electric vehicles (EVs). Consumer preference for EVs could increase if the war drags on, reducing the availability of fuel for internal combustion engine (ICE) vehicles and forcing the government to allow oil marketing companies (OMCs) to raise fuel prices.

The running cost of EVs is relatively cheaper than ICE vehicles. The only two pure-play EV companies in India - Ola Electric Mobility Ltd and Ather Energy Ltd - present a contrast. While Ola has been grappling with issues regarding its products and customer service, Ather has steadily gained speed in terms of stock price and sales volume.

Even as the Nifty 500 index has de...