Indian stocks post their biggest losses since the pandemic after Modi fails to win a landslide

• Indian stocks plummeted on Tuesday, suffering a $390 billion wipeout.
• The flagship NSE Nifty 50 index dropped nearly 6%, posting its worst day in more than four years.
• The losses came after Narendra Modi's party won far fewer seats than expected in India's election.

Indian stocks had their worst day in more than four years on Tuesday as Narendra Modi's narrower-than-expected election victory rattled markets.

Mumbai's NSE Nifty 50, the main stock market index, tumbled as much as 8.5% before ending 5.9% lower as investors reacted to news that the coalition led by the ruling Bharatiya Janata Party (BJP) is expected to win about 300 seats in the Indian parliament.