Exit Poll Scam - Unprecedented 33 Lakh Crores Loss!
Significant selling pressure was applied to the equities market when the bjp failed to achieve a clear majority in the general elections of 2024. As a result, the market capitalization of the top three indian corporations, hdfc bank Ltd., Tata Consultancy services Ltd., and reliance Industries Ltd., significantly decreased.
The problem was further exacerbated by the flawed exit surveys. reliance Industries' market capitalization dropped by more than Rs 2.04 lakh crore to Rs 18.39 lakh crore as a consequence of a 10% decline, closing at Rs 2,719.15 from its prior close of Rs 3,021.25. Tata Consultancy services market capitalization fell by more than Rs 41,264 crore to Rs 13 lakh crore, a fall of more than 3%. With its market value falling by more than Rs 90,593 crore to Rs 11.03 lakh crore, hdfc bank saw a decrease of more than 7.5%.
The problem was further exacerbated by the flawed exit surveys. reliance Industries' market capitalization dropped by more than Rs 2.04 lakh crore to Rs 18.39 lakh crore as a consequence of a 10% decline, closing at Rs 2,719.15 from its prior close of Rs 3,021.25. Tata Consultancy services market capitalization fell by more than Rs 41,264 crore to Rs 13 lakh crore, a fall of more than 3%. With its market value falling by more than Rs 90,593 crore to Rs 11.03 lakh crore, hdfc bank saw a decrease of more than 7.5%.
While the NSE's Nifty50 fell by over 1,900 points and closed the day below the 21,300 level, the BSE's Sensex fell by almost 6,000 points, barely maintaining the 70,000 barrier until a slight rebound. Domestic equities had a precipitous decrease as a result of the unexpected vote patterns, which suggested that the alliance led by the bjp was unlikely to win a majority. By alone, the bjp was not gaining enough seats in the lok sabha to reach the 250-seat threshold. This Sensex decline, according to experts, is the largest since the arrival of COVID-19 in march 2020.