While the nation awaits the election result, the stock market is already facing its downfall. After the Modi-led BJP government faced backlash in the current counting of Lok Sabha elections, especially in Maharashtra and Uttar Pradesh states, the Adani group owned by Asia’s richest businessman, Gautam Adani, faced a 25 per cent downfall on Tuesday (4).
Adani is considered a longtime close associate of Modi, both belonging to Gujarat state.
Opposition parties and other critics have accused Adani of benefiting from their relationship to unfairly win business and avoid proper oversight.
Proud to have voted with my family today. Voting is a right, a privilege and a responsibility we all share as citizens of this great nation. Every vote is a powerful voice in our democracy. Cast your vote for shaping the future of India. Jai Hind. pic.twitter.com/nMAfAhQEdD
— Gautam Adani (@gautam_adani) May 7, 2024
Adani Enterprises was trading at $32.72 (INR 2,733) per share after midday, down $9.05 from Tuesday’s open.
It was the biggest negative mover on the Mumbai stock exchange, with the Sensex benchmark falling more than seven per cent by afternoon trade. Exit polls had predicted a landslide victory for Modi’s Bharatiya Janata Party (BJP) and its allies in this year’s election.
With nearly half of the vote counted, election commission figures on Tuesday (4) afternoon still showed Modi on course to win a third term, but with a reduced majority.
