Indian stocks tanked the most in four years on Tuesday, as vote counting suggested Prime Minister Narendra Modi's Bharatiya Janata Party-led alliance is unlikely to win an overwhelming majority as predicted by exit polls.
Modi's bloc looked set to secure a majority in early vote counting in the general election on Tuesday, but the numbers were well short of the landslide predicted in exit polls.
The Nifty index dropped as much as 5.43% to 22,000.60 points while the BSE index fell to a low of 72,337.34 points, down 5.4% on the day. That was the biggest fall since April 2020 and pulled stocks sharply away from records highs struck a day earlier.