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Voters’ frustration and rage over the Modi government’s shortcomings could be heard throughout large portions of the nation.
After seven phases and a sweltering heat wave between April 19 and June 1, 2024, the 18th Lok Sabha elections are finally coming to an end today with the ballots being counted. The Election Commission of India has started releasing trends, showing the Bharatiya Janata Party leading in 236 seats, the Congress in 99, Samajwadi Party in 34, Trinamool Congress in 31, Dravida Munnetra Kazhagam in 21, Telugu Desam Party in 16. This is as of 11:50 am. In terms of alliances, the BJP’s National Democratic Alliance is leading in 284 seats, and the opposition INDIA bloc in 201.
Indian stocks were crushed on Tuesday after election tabulation showed Prime Minister Narendra Modi’s Bharatiya Janata Party may fall short of a majority.
That result, if it held, would still keep Modi in power, but would require the assistance of other parties. The Election Commission of India shows the BJP leading in 283 seats, with the Indian National Congress leading in 219.
The Sensex IN:1 slumped 7% in recent trade, after closing 3% higher on Monday.
The dollar (USDINR) rose to 83.51 rupees from 83.01 rupees.
-Steve Goldstein
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