INDIA Bloc sprung a surprise with massive gains, especially in Uttar Pradesh, as the Election Commission of India declared the results of 2024 Lok Sabha Election Results on Tuesday. Addressing the media in New Delhi, a visibly cheerful Rahul Gandhi spoke on the future of coalition among other things. In a sharp swipe at Prime Minister Narendra Modi, Gandhi said that “if (Narendra) Modi loses, the share market says Modi is gone so Adani is gone. Aapne Adani ke stocks dekhe (Did you check the Adani stocks)?” Gandhi further stated, “The people of the country are directly correlating Adani with Modi – There’s a direct link of corruption.”
The prospect of Modi having to rely on coalition partners spooked share markets, with stocks falling steeply. According to Reuters, the blue-chip NIFTY 50 sank 5.9 per cent and the S&P BSE Sensex tumbled 5.7 per cent, posting their steepest decline on an election outcome day since 2004, when a BJP-led coalition lost power.
Tuesday Terror: Adani stocks closed in deep red
The share market was in free fall with shares of all Adani Group companies crashing during trading hours on Tuesday. Several firms hit their lower circuit limit. The combined market valuation of all the 10 listed firms eroded by Rs 3.64 lakh crore, tracking sharp declines in the group companies, a PTI report said.
At the close of trade, group’s flagship firm Adani Enterprises tanked 19.35 per cent, the stocks of Adani Energy Solutions plunged 20 per cent, Adani Ports plummeted 21.26 per cent, Adani Green Energy dived 19.20 per cent on the Bombay Stock Exchange.
Lok Sabha Election Results 2024: All eyes on Wednesday meeting
Meanwhile, talking about the future course of action, Gandhi said that there will be a meeting in New Delhi tomorrow. All coalition partners will decide on a future roadmap after the meeting. He added that this Lok Sabha Election was about saving the Constitution of India. “The first step in that direction (of saving the Constitution) has been taken,” Gandhi added.
