June 16, 2024 15:01 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
After his 'Lord Ram' taunt on BJP creates uproar, RSS leader makes a U-turn | NDA govt formed by mistake, can fall anytime: Congress chief Mallikarjun Kharge's claim | PM Modi returns to India after 'successful completion of G7 Outreach Summit' in Italy | Delhi LG approves prosecution of Arundhati Roy, Sheikh Showkat Hussain in 2010 provocative speech case | BS Yediyurappa, accused of harassing minor, can't be arrested till next hearing: Karnataka HC
Election shortfall of Narendra Modi's BJP leaves Wall Street scrambling
Wall Street
Photo Courtesy: Representational image by Adeolu Eletu on Unsplash

Election shortfall of Narendra Modi's BJP leaves Wall Street scrambling

| @indiablooms | 06 Jun 2024, 11:48 am

New York/IBNS: A major political setback for Narendra Modi's BJP has business executives in the country furiously making calls, trying to better understand the impact on India’s economy and investment landscape following Modi’s failure to secure a supermajority for his BJP in the lower house of the Parliament.

CNBC reported that AB Bernstein's managing director Venugopal Garre wrote to clients in an email: “Indian voters are great teachers. They have certainly surprised the politicians, exit pollsters and market watchers.”

Over the past several years, chief executives from some of the biggest US-headquartered companies have invested time and money into relationships with Indian Prime Minister Narendra Modi, as they set their sights on the South Asian nation's market.

Besides, some US-based companies, including GE Aerospace, Apple, Starbucks and Nvidia, have made high-profile deals to expand, manufacture and sell their products inside India.

Following the surprising election results, the Indian stocks market sold off on Tuesday (June 4), with the country's benchmark indices, S&P BSE Sensex and NSE Nifty, staging its biggest plunge in four years.

According to market experts, the outcome is a clear negative that is likely to create an overhang on the market over the near term.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.