New Delhi, Jan. 27 -- Shares of Mercury Ev-Tech on Tuesday surged by more than 9%, even as the general market sentiment remained weak and domestic benchmark indices moved sideways. The small-cap EV manufacturer shares opened at an intraday high of Rs.39.89 per share on the BSE.

A factor contributing to this optimistic perspective is the India-European Union Free Trade Agreement, which, as per reports, will allow battery electric vehicles to be free from any cuts in import duties for the first five years to protect the investments of local businesses.

While major auto stocks on Tuesday were under pressure due to concerns over heightened competition stemming from the India-EU Free Trade Agreement, where the import duty on vehicles from th...