On Tuesday, Indian stocks crashed after vote counts showed that Prime Minister Narendra Modi’s Bharatiya Janata Party might not get enough votes to win a majority.
If that result held, Modi would still be in power, but he would need help from other groups.
Following a 3% gain on Monday, the Sensex IN:1 fell 6%, with drops as high as 8%.
In early trade before the market opened, the iShares MSCI India ETF INDA went down by 6%.
The dollar went up from 83.01 rupees to 83.51 rupees, a rise of 0.56%.
Stock exchange data shows that Monday’s gains were led by foreign institutional investors who bought 69 billion rupees worth of stocks. This was more than the 19 billion rupees that were bought by domestic institutional investors.
