Election landslide looks unlikely for India's Modi; Shares fall 6%

4th Jun 2024 08:24

(Sharecast News) - India's nationalist prime minister Narendra Modi looked set to win a third term in government, but early poll results suggested the expected landslide victory may not materialise.

Initial results showed that Modi's Bharatiya Janata party (BJP) and allies had won 290 seats, passing the 272 seat threshold to form a majority government in the 543-member parliament. Shares on the country's BSE index were down at least 6% on the news.

However, the BJP was on track to lose almost 70 seats as exit polls showed that expectations of a two-thirds majority for Modi were wide of the mark. The right-wing leader, who has been in power since 2014, claimed the BJP would win 370 seats, while the broader NDA alliance was targeting more than 400.

In 2019, the party won 303 seats with the alliance winning a total of 353.

The main opposition bloc of 28 parties - which calls itself INDIA - had collectively won 234 seats, according to early count results.

INDIA stands for the Indian National Developmental Inclusive Alliance and includes the main opposition Congress Party.

Reporting by frank Prenesti for Sharecast.com