Modi Poised for Historic Third Term as Early Results Show Narrower Victory, BJP Leads in 300 Seats

Jun 4, 2024, 11:33 AM

India's Prime Minister Narendra Modi is poised to secure a historic third term in office, as early vote counting trends show his Bharatiya Janata Party (BJP)-led alliance leading in the general election. Despite initial exit polls predicting a landslide victory, the early results indicate a narrower win, with the BJP likely to lose its outright majority in parliament. The BJP-led alliance is currently ahead in more than 300 seats of the 543-member lower house of parliament. This unexpected outcome has led to significant market reactions, with Indian stocks, bonds, and the rupee experiencing sharp declines. The Nifty 50 index tumbled 5.4%, and the market plunged over 2,000 points. Over 640 million votes are being processed, and the final results are expected within hours. Modi's coalition partners will play a crucial role in forming the next government, as the BJP falls short of the overwhelming majority anticipated.