New Delhi, Oct. 6 -- Investors have given their vote of confidence to Ather Energy Ltd as the Bengaluru-based startup's market cap edged past that of its larger rival, Ola Electric Mobility Ltd, for the first time since the two companies started selling electric scooters.

On Monday, Ather's shares surged 4.78% to take its market capitalization to Rs.23,601 crore on BSE, while Ola Electric's shares fell 2.54% to take its valuation to Rs.23,200 crore, data at the end of trading hours showed.

The change in pecking order mirrors the diverging fortunes of the two rivals. Ather crossed Ola's total sales count in a quarter for the first time in the July to September quarter, with Bhavish Aggarwal-led company seeing a 47% fall in its quarterly ...