Modi’s shock election hits India ETFs

Indian Prime Minister Narendra Modi looked set on Tuesday to retain power at the head of a ruling coalition, but his Hindu nationalist party lost its outright majority for the first time in a decade as voters defied predictions of another landslide.

The outcome unnerved investors, with Indian stocks falling steeply as emerging results showed that Modi would, for the first time since sweeping to power in 2014, depend on at least three disparate regional parties whose political loyalties have wavered over