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Indian Springs Election Surprise, Sends Equity Market Crashing With Uncertain Implications

India's voters sprung an election surprise on Prime Minister Narendra Modi's party, awarding it a smaller share than forecast in preliminary results, sending stock markets crashing and likely pushing crypto legislation further into the future. While Modi's Bharatiya Janata Party (BJP) and its allies are poised to return to power, they didn’t hit the supermajority mark of 370 plus seats in India’s 543-seat lower house of parliament, which they predicted. On June 1, exit polls had predicted a comfortable victory for the BJP and its allies, resulting in record highs for the country's stock markets.

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