The equity market experienced significant selling pressure as the BJP struggled to secure a clear majority in the 2024 general elections.
This led to a substantial decline in the market capitalization of the top three most valued Indian companies—Reliance Industries Ltd (RIL), Tata Consultancy Services Ltd (TCS), and HDFC Bank Ltd.
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The faulty exit polls also made the situation worse.
Reliance Industries witnessed a 10% drop, reaching Rs 2,719.15 from its previous close of Rs 3,021.25, resulting in a market capitalization decrease of over Rs 2.04 lakh crore to Rs 18.39 lakh crore.
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Tata Consultancy Services experienced a decline of more than 3%, with its market capitalization dropping by over Rs 41,264 crore to Rs 13 lakh crore.
HDFC Bank saw a decline of over 7.5%, with its market capitalization decreasing by more than Rs 90,593 crore to Rs 11.03 lakh crore.
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The BSE’s Sensex dropped by over 6,000 points, barely holding the 70,000 mark before a marginal recovery, while NSE’s Nifty50 plunged about 1,900 points, falling below the 21,300 mark during the day.
The unexpected voting trends, indicating that the BJP-led alliance was unlikely to secure a majority, led to a sharp decline in domestic stocks. The BJP, on its own, was falling short of the 250-seat mark in the Lok Sabha elections.
Experts claim that this Sensex drop is the biggest since COVID-19 arrived in March 2020.
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