Official announcements from the Reserve Bank of India

Indian Markets Plunge Over 2,000 Points as Early Election Trends Show Weak Mandate for Modi

Jun 4, 2024, 10:03 AM

Indian equity markets experienced a significant downturn as early trends from the 2024 Lok Sabha election results indicated a weakened mandate for Prime Minister Narendra Modi's BJP. The Sensex plunged over 2,000 points, trading below 74,000, while the Nifty50 fell below 22,450. This marked the biggest loss in four years for Indian stocks, with the Sensex dropping 5.7%. Investors reacted negatively to the possibility that the BJP might lose its outright majority, contrary to earlier exit poll predictions. The losses were the largest since the pandemic.