Indian state-run firms drop on narrower lead for Modi's alliance

REC

04/06/2024 07:11

** Shares of India's state-owned companies  .NIFTYPSE 
tumble 12.6% as vote count for general elections is underway
    ** Analysts say PM Modi-led alliance's lead in vote count
"below expectations", benchmarks post sharp 3% fall on the day
 .BO 
    ** Heaviest stocks - power firms NTPC  NTPC.NS  and Power
Grid Corp  PGRD.NS  - slump 9.7% and 12%, respectively
    ** Infra financier REC  RECM.NS , equipment supplier Bharat
Electronics  BAJE.NS  and power generating machines maker Bharat
Heavy Electricals  BHEL.NS  among top losers on the gauge 
    ** Twenty-member index added 8% in last session, after exit
polls predicted landslide victory for Modi
    ** Infra and manufacturing-linked stocks seen as key
beneficiary from predicted third-term win for Modi, analysts had
said
    ** YTD the index has advanced 26% vs a 2% rise in benchmark
Nifty 50  .NSEI  

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))