'People correlate Modiji directly to Adani ji': Rahul Gandhi in his first reaction after Lok Sabha elections

Lok Sabha election results 2024: Senior Congress leader Rahul Gandhi on Tuesday said that Adani stocks slumped on the stock market as the NDA government lost seats in different states. Speaking at a press conference after INDIA bloc's spectacular performance, Gandhi said people correlate "Modiji directly to Adani ji" , and hence Adani group stocks lost value today.

"If Modi loses, the stock market says Modi is gone so Adani is gone. There is a direct relationship of corruption between them," he said.

He added that the Congress and its allies fought the Lok Sabha election not just against the BJP but all the institutions it had "captured."

"We fought this election against the Bharatiya Janata Party, Indian governance structure, probe agencies, judiciary and other public institutions, since these all had been captured by the Modi government," Gandhi said.

Benchmark stock market indices endured their most significant decline in four years, prompted by investor apprehension following the announcement of Lok Sabha election results. Broader market indices were not immune to this downturn, with small and mid-cap stocks exhibiting pronounced volatility. The India VIX, a key measure of market volatility, surged over 23% as investors hurried to capitalize on gains. This turbulence was exacerbated by a sharp sell-off in several blue-chip and public sector undertaking (PSU) stocks, further contributing to the overall market decline.

Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, Adani Total Gas, Adani Wilmar, Adani Energy Solutions, Adani Green Energy, Ambuja Cements, ACC and New Delhi Television (NDTV) were down between 9 per cent and 19 per cent in intra-day trade today.

Adani Enterprises slumped 9.62 per cent to Rs 3,295.10. Adani Ports plunged 8.91 per cent to Rs 1,443.80. Adani Ports cracked 8.91 per cent to Rs 797. Adani Green Energy Ltd and Adani Energy Solutions fell 10-11 per cent.

PSU, defence and railway-related stocks declined. NTPC plunged 6.16 per cent, SBI declined 5.94 per cent while Power Grid tanked 5.85 per cent. Larsen & Toubro, Bajaj Finserv and Reliance Industries dropped up to 5 per cent.