India stocks see biggest fall for over four years

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.