Election results not as per Exit poll predictions triggers a crash in markets

4 Jun 2024 , 02:13 PM

The worst-hit stocks in today’s market havoc were those of PFC, REC Ltd, and Adani Ports. These companies saw a significant selloff following the Narendra Modi-led NDA’s dismal performance in the Lok Sabha elections, the results of which were still being tallied later in the day.

While firms like HUDCO, Adani Energy Solutions, Adani Green Energy, Titagargh Rail, and Adani Total Gas also had an intraday drop of over 15% so far today, PFC and REC Ltd saw intraday declines of about 20% to ₹443.85 and ₹482.45, respectively.

The following stocks declined on the NSE today: Ambuja Cements, Adani Enterprises, Vodafone Idea, Indus Towers, Adani Ports, BEL, GAIL, Hindustan Copper, BHEL, Adani Power, Hindustan Aeronautics, and Bank of Baroda.

Adani Ports and Adani Enterprises saw the biggest declines among the Nifty50 lot, down 15.02% and 16.09%, respectively, while PSUs NTPC, ONGC, and Powergrid saw declines of more than 9%.

At 1:26 pm, the Nifty50 was down 1,230 points, or 5.28%, at 21,999 while the BSE Sensex was down over 4,040 points, or 5.28%, at 72,391.

The fear index VIX experienced the largest intraday rise in nine years, rising by almost 37% to reach a high of 28.62 on the day. The gains came about as a result of the INDIA Alliance mounting a formidable resistance, despite the NDA’s ability to surpass the majority threshold.

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