Adani Stocks Crash, Ambani Led Reliance Shares Dip 7% Over Election Result Uncertainty- Details

Election Result 2024 Stock Market Crash:?Adani Group and Mukesh Ambani's Reliance Group saw a big drop in their stock prices on Tuesday. This fall happened after a strong rise in the previous session. The decrease was caused by a general feeling of pessimism in the Indian markets. This feeling was fueled by early signs indicating that the election results might not match the predictions made by exit polls. As a result, all the gains made in the last trading session were wiped out by this downturn.

In the Indian stock market, the BSE Sensex fell by 6.41% or 4,904 points around 12:45 PM. Similarly, the NSE Nifty Index dropped by 6.22% or, 446.45 points to 22,203.60 around 12:45 PM.

Anand James, Chief Market Strategist at Geojit Financial Services, said, "The sharp fall is because the election results so far are not meeting the expectations the market had based on yesterday's exit polls. If the BJP doesn't win a majority on its own, there will be disappointment, which is affecting the market. Also, there's a possibility that Modi's third term may focus more on welfare than market reforms, and this is reflected in the strength of FMCG stocks."

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Adani Group's stocks faced a major decline

On Tuesday, all Adani Group companies saw a sharp decline in their shares as initial election results indicated that the BJP would win fewer seats than what exit polls had predicted.

Here's how the stocks performed on the BSE: Adani Ports fell by 20%, Adani Energy Solutions dropped by 19.80%, Adani Power slumped by 19.76%, Ambuja Cements tumbled by 19.20%, and the group's main company, Adani Enterprises, tanked by 19.13%.

Other Adani Group stocks also took a hit: Adani Total Gas declined by 18.55%, Adani Green Energy dived by 18.31%, NDTV went lower by 15.65%, ACC plunged by 14.49%, and Adani Wilmar dropped by 9.81%.

This downturn erased the previous record gains, with the 30-share BSE Sensex falling by 4,131.44 points or 5.40% to 72,337.34, and the Nifty slumping by 1,263.3 points or 5.43% to 22,000.60.

Mukesh Ambani's Reliance Group also saw a sharp decline

Similarly, Mukesh Ambani's Reliance Group also saw a sharp decline in their stocks. Reliance Industries shares were down by over 7.37% at Rs 2,798, while Jio Financial Services declined by nearly 5.76% to Rs 335.60 per share. Network 18 media shares, the media arm of Reliance group, also dropped by nearly 4.97% to Rs 75.60 per share.

Rs 14 Lakh Crore Gone as INDIA Block Fights Back

Investor wealth took a hit, dropping by Rs 14.27 lakh crore to Rs 411.64 lakh crore, compared to the previous session's valuation of Rs 425.91 lakh crore. All Sensex stocks were trading negatively. Leading the losses on the Sensex were L&T, PowerGrid, SBI, Reliance, NTPC, and HDFC Bank, with falls of up to 4.86% in early trading.

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