Stock Market Drops as Vote Counting Begins: Adani Shares Hit Hard

The initial trend in vote counting is unfavorable for the stock market. The market opened with a significant drop, particularly impacting Adani group shares. Despite yesterday's market optimism, today shows a notable decline. By 9.30 am, Nifty plummeted by nearly 600 points. Bank Nifty experienced a sharp decline of 1,500 points, with government company shares suffering the most significant losses. Speculations indicate a potential market correction if the election results deviate from the exit polls. Nifty and Bank Nifty both fell by up to 3 percent.

The Adani group is facing significant losses.

Stocks of all Adani group companies are declining. Adani Ports dropped by 9%, Adani Power by 10%, Ambuja Cement by 10%, Adani Enterprises by 10%. LIC and HAL also experienced a 10% decrease each, while Reliance saw a 4.5% decrease.