India’s stock market plummeted, erasing $ 386 billion in market value said Bloomberg, as tallies signalled that Prime Minister Narendra Modi’s ruling party was struggling to win a majority of seats in national elections, a stunning result after exit polls showed he was on pace for a landslide victory.

The NSE Nifty 50 Index tumbled 5.9% in Mumbai, its worst day in more than four years, as counts showed Modi’s Bharatiya Janata Party and its allies in the National Democratic Alliance were leading in more than 290 seats, slightly more than 272 needed for a majority in parliament and well short of the roughly 350 they won in 2019. The rupee fell the most in a year and the 10-year yield rose.

Modi declares victory in election but his party faces shock losses

Ranil congratulates Modi