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India's Stocks Suffer Biggest Loss in 4 Years Amid Close Election

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The ruling BJP party is set to win but with a reduced majority.

India's stock market lost hundreds of billions of dollars in value as shares slid after election results suggested that the incumbent Prime Minister Narendra Modi's governing Bharatiya Janata Party had performed weaker than expected.The NIFTY 50 index fell 5.9 percent on Tuesday, its poorest single-day drop in four years, a loss of nearly $390 billion, Bloomberg News reported.

The stock market fell from its record high a day prior when exit polls appeared to show BJP on course for a landslide victory.'Stepping back, equities are back to where they were in mid-March,' Shah noted.Modi is still set to serve a third term as India's leader and will preside over an economy that is forecast to continue to grow. But instituting change would now be complicated with a reduced majority, Shah pointed out.

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