Bloodbath on Dalal Street as Adani stocks plummet and the Sensex drops by 2,000 points

The market has been rattled by this surprise shift, which has tempered the previously upbeat atmosphere. Both indices reached all-time highs on Monday, propelled by exit poll predictions that indicated the BJP and Prime Minister Narendra Modi would win handily. Early indications, however, point to a sharper battle between the two main alliances, INDIA and NDA, which would quickly erode market confidence. As the election results come in, follow our stock market blog for real-time updates from Dalal Street.
On the day that the Lok Sabha election was being counted, Antique Stock Broking warned investors not to rely too much on exit polls due to increased volatility.

The brokerage noted that if exit poll predictions come true, one of the election's major outcomes would be the NDA gaining large gains in the southern and eastern states while retaining its dominance in the Hindi-speaking core.

The brokerage cited historical exit polling errors, citing estimates that were off in the general elections of 2004 and 2009, as well as the most recent state assembly elections in Chhattisgarh and Karnataka in 2023.

Live stock markets: Adani Group shares plunge up to 18%
On June 4, Adani Group stocks saw a sharp decline of up to 18%, which was in sharp contrast to the considerable gains they had made in the previous trading sessions.

The unwinding of speculative positions appears to be the cause of the abrupt decline, as investors choose to reduce their holdings or cash in on winnings.

The Adani Group's market capitalization has decreased by more than Rs 10 lakh crore as a result of this severe correction.