Bloodbath on D-Street as results belie exit polls

Sandeep Dikshit

New Delhi, June 4

The stock market registered its highest single-day crash since the Covid pandemic four years ago after the Lok Sabha election results on Tuesday belied the prognosis by the exit polls of a landslide victory for the Narendra Modi-led NDA.

Rupee sees largest single-day fall in 15 mths

• With the results making it clear that Modi will have to rely on allies to form the government, which could induce uncertainty, the rupee dipped to Rs 83.53 against the dollar, the largest single-day fall in 15 months
• At close, the broad 50-company NSE Nifty fell 1,379.40 points (5.93 per cent) to 21,884.5 points while the 30-company BSE Sensex declined 4,389.73 points (5.74 per cent) to 72,079.05 points

With the results making it clear that Modi will have to depend on allies to form the government, which could induce uncertainty in policy-making, the rupee also dipped to Rs 83.53 against the dollar, which too was the largest single-day fall in 15 months.

At close, the broad 50-company NSE Nifty fell 1,379.40 points (5.93 per cent) to 21,884.5 points while the 30-company BSE Sensex declined 4,389.73 points (5.74 per cent) to 72,079.05.

However, the shares had recovered at close after falling much more sharply till mid-day as news came in the day of the BJP’s tepid showing in Maharashtra and Uttar Pradesh.