Indian stock market plunges as vote count begins

ISTANBUL: After a six-week election period in India, the stock market plunged as the vote counting signals that the existing government, led by Prime Minister Narendra Modi, is not able to win an overwhelming majority as expected. The early vote count in the Indian general elections on Tuesday showed a lead for the ruling National Democratic Alliance led by the ruling Bharatiya Janata Party (BJP). According to the Indian Election Commission as of local time 10.30 a.m. (0500GMT), the BJP was leading in 231 seats, while the Indian National Congress was leading in 100 seats. Local media trends showed that the National Democratic Alliance was ahead in over 300 seats, surpassing the 272-seat mark required for a majority in the 543-member lower house of parliament. The trends, however, showed the opposition alliance leading in over 200 seats. Sensex index posted a decrease of 5.14% on a daily basis, from 76,500 level to 72,500, as of 0645GMT. Another Indian index, Nifty, tanked by around 7% on Tuesday versus the close of Monday, from 23,300 to 21,700. Source: Anadolu Agency