Reported 6 months ago
India's stock market lost $386 billion in market value as Prime Minister Narendra Modi's ruling party faced challenges in winning a majority of seats in national elections. The NSE Nifty 50 Index dropped 5.9%, the rupee fell, and the 10-year yield rose as results showed Modi's alliance falling short of the expected landslide victory. The outcome may impact the government's ability to enact reforms, with opposition parties forming alliances to counter Modi's alliance. Businesses related to the government's goals saw declines, and the overall market value eroded significantly.
Source: YAHOO