The Indian share market posted massive losses this morning as initial trends forecast the BJP-led alliance will return for a third term but miss their 400-seat target. The market crash wiped out Rs 36 lakh in just three hours, showed realtime data.
The market capitalization, or the total worth, of the companies listed with the Bombay Stock Exchange fell to Rs 389 lakh crore, showed BSE data at 12:15 pm. The m-cap stood at over Rs 425 lakh crore at yesterday's closing.
Sensex was down 3,000 points down while Nifty has crashed over 1,000 points (at 1:50 pm), painting a grim picture for Dalal Street a day after both the indices reached their record highs. This is the lowest the market has crashed since the Covid-era.
Among the major laggards in the Sensex pack are the State Bank of India, Tata Steel, and NTPC.
The indices yesterday rallied over 3 per cent and posted their biggest single-day gains in three years, banking on exit poll predictions of continuity and political stability.
The predictions, however, seem to have undermined the opposition parties' performance and made the market over-optimistic. The NDA is at 297, well above the 272 seats needed to form government, while the Congress is ahead in 227 seats, the trends showed at 1 pm.