Modi's party set to lose its majority in shock India election result
Publishing timestamp: 2024-06-04 12:32:17
Summary
Indian Prime Minister Narendra Modi's Bharatiya Janata Party is set to fall short of outright majority in the country's lower house of Parliament. Ongoing vote counts suggest that Modi's BJP is likely to win 239 seats out of 543. This has led to a plunge in India's benchmark indexes Nifty 50 and BSE Sensex. Modi will likely have to seek power-sharing agreements to secure a historic third term in power. The surprise shortfall raises questions over his popularity and risks stifling any immediate policies. Unemployment and economic concerns are dominating voters' minds. Market heavyweights like Adani Ports and Adani Enterprises plunged during Tuesday's session. Despite the challenges, Modi's government has seen robust economic growth, and the International Monetary Fund projects continued growth for India's economy.
Sentiment: MIXED
Tickers: ADANIENT-IN, .NSEI, INR=, .BSESNTR, ADANIPORTS-IN,
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