The BJP-led alliance was expected to gain a two-thirds majority in the lower house, according to exit polls. However, the current Lok Sabha Elections voting trends suggests that BJP won’t come out as the single largest party to form government on its own, which caused the indexes to plunge to their lowest point since March 2020 and wipe out all Monday’s gains.
Investors suffered huge losses due to a sharp sell-off reducing their wealth by nearly ₹38 lakh crore in intraday trade on Tuesday, June 4. The overall market cap of listed companies on the BSE is close to ₹388 lakh crore around 12:15 pm on Tuesday. A day earlier, it was around ₹426 lakh crore.
The National Democratic Alliance, in power, was leading in almost 300 seats, according to television networks. A simple majority in the 543-member lower house of parliament requires at least 272 seats. Every industry was in the red. Real estate fell by 9.1%, infrastructure fell by 10.5%, oil and gas stocks fell by 11.7%, state-run businesses and banks fell by 17% and 16%, and bank stocks fell by 7.8%.
With respective declines of 19%, Adani Enterprises and Adani Ports were the Nifty 50 index’s biggest losers. The losses on other Adani group stocks ranged from 9 to 19%. The group stocks had increased following the exit polls on Monday by 4% to 18%.
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