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Indian stocks have fallen sharply after vote counting in the country’s general election indicated Prime Minister Narendra Modi’s party might not be able to form a majority government.
The benchmark NSE Nifty 50 share index closed down nearly 6%, its steepest fall since India’s first Covid lockdowns in March 2020.
Early results suggest Mr Modi’s political party may need to rely on allies and form a coalition government.
The NSE Nifty 50, which comprises stocks in various big companies, had plunged 8.5% at one point but ended the day down 5.9% at 21,884.5 points.
The S&P BSE Sensex also fell sharply, closing 5.7% lower at 72,079.05.
The rupee slid 0.5% against the US dollar, its biggest fall in 16 months.
