Indian stocks plummeted as early election results indicated that Prime Minister Narendra Modi’s party might not secure a majority government.
The NSE Nifty 50 index saw its sharpest drop since the onset of the Covid-19 pandemic, closing down nearly 6%.
This uncertainty over the formation of a coalition government led to concerns among analysts about potential economic policy changes.
The BJP’s reliance on allies could shift the focus away from investment towards welfare initiatives.
Despite expectations of a BJP victory based on exit polls, the party may fall short of a single-party majority.
This news led to significant losses in key Indian stock indexes, including notable declines in individual stocks like Reliance Industries and Bank of India.
Credit : BBC
https://www.bbc.com/news/articles/cgrrnl93k7lo