Narendra Modi suffers surprise loss of majority in India election

Narendra Modi’s party was set to lose its majority for the first time after falling well short of an expected election landslide, hampering ambitious plans to change the Indian constitution and cement his grip on power. #Modi #India #election Mr Modi’s BJP party is projected to win the election in the world’s largest democracy, early results showed, but lose dozens of seats in parliament. He will now have to rely on alliances with smaller parties to secure an overall majority. Stocks slumped on speculation that the reduced majority would hamper Mr Modi’s ability to push through reforms. Shares in the main listed unit of Adani Enterprises – owned by key Modi ally Gautam Adani – dropped by almost £10 billion, before recovering. Despite the results, Mr Modi said India has placed its faith in the ruling coalition “for a third consecutive time”. Continue reading the full article: