Modi Set To Lose India Majority, Needs Allies To Keep Power
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 04 2024
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Source: Benzinga
- Indian Parliamentary Majority: Indian Prime Minister Narendra Modi is set to lose his parliamentary majority for the first time in his decade-long tenure.
- Election Outcome: Modi's Bharatiya Janata Party (BJP) and allies secured enough seats to form a government but fell short of the 272-seat majority, leading to speculation about forming a coalition government.
- Modi's Response: Modi remains resolute, declaring victory on social media and vowing to continue as prime minister despite not having a clear majority.
- Market Reaction: India's stock market experienced its worst day in over four years after initially reaching a record high following exit polls that favored Modi.
- Challenges Ahead: Modi faces the challenge of securing support from key alliance members who control around 30 seats, while opposition parties aim to counter his electoral dominance.
Analyst Views on INDA
Wall Street analysts forecast INDA stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for INDA is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 51.795
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Current: 51.795
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
