Indian stocks lose $ 386 b as polls tighter than forecast

Wednesday, 5 June 2024 00:34 - - {{hitsCtrl.values.hits}}

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

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.