Indian stocks sink 5%, dragging markets across Asia

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Asia Pacific

Indian stocks sink 5%, dragging markets across Asia

Asia-Pacific markets slumped on Tuesday, with Indian stocks leading losses, as the country started counting election votes, signalling that incumbent prime minister Narendra Modi is set to win a rare third consecutive term. Both the Nifty 50 and BSE Sensex indices fell 5 percent while the BSE Sensex fell 1.5 percent-- after the main stock gauges hit record highs at the start of the week. Meanwhile, major indices in Japan, South Korea and Australia declined, while stocks in Hong Kong and Mainland China made some modest gains. Overnight in the US, stocks were mainly muted, as Wall Street looked to find its footing after an uneven start to the month.