MUMBAI/SINGAPORE -Indian stocks tanked the most in four years on Tuesday, as vote counting suggested Prime Minister Narendra Modi's Bharatiya Janata Party -led alliance is unlikely to win an overwhelming majority as predicted by exit polls.
"Markets have dropped as they are now pricing in the change in governance structure," said Umesh Kumar Mehta, chief investment officer at Samco Mutual Fund. Benchmark indexes have more than tripled in value since Modi became prime minister in May 2014, as of Monday's close. Foreigners, who poured a net $20.7 billion into Indian equities last year but had pulled back ahead of the election, are widely expected to turn buyers if the Modi alliance secures a decisive mandate.
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