India’s EV dream is souring. At the most inopportune time, too. 

As the US-Israeli war against Iran disrupted crude supplies from West Asia, which fed the bulk of India’s oil demand, Prime Minister Narendra Modi urged citizens to reduce fossil fuel consumption and adopt EVs. The 11 May appeal rallied EV stocks—pushing Ather Energy’s to an all-time highEquitypanditAther Energy Ltd and JBM Auto’s to a six-month peak—because it made intuitive sense. 

India’s import bill........

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