The selloff in Indian stocks in the wake of a possibly narrower-than-expected victory for Prime Minister Narendra Modi has weighed on the broader Asian market.
The 10 biggest losers on the MSCI Asia Pacific Index are all from India. They consist of state-run companies and units of the Adani group, which rallied on Monday after exit polls initially projected a landslide win for Modi.
Agencies
A BSE Ltd gauge of state-run stocks dropped by as much as 20%. Shares of Adani Enterprises Ltd. and Adani Ports & Special Economic Zone Ltd. slumped more than 20%.
A slim victory for the Modi-led coalition raises questions on the new government’s ability to push through reforms, and this may weigh on the country’s assets. That is likely to deter foreign investors who are already contending with pricey valuations.
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