Public sector stocks were nosediving on Tuesday as early trends showed that Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) was not coasting to a victory as exit polls had predicted.

What Happened: Early counting on June 4 revealed that the BJP-led ruling National Democratic Alliance (NDA) was facing a tough contest, especially in its bastions in the north and west of India.

PSU stocks had seen massive gains on Tuesday after exit polls had predicted that the NDA would win a comfortable victory in the national elections.

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Public sector banks had been the biggest gainers on Monday, with all scrips ending over 5% higher. Bank of Baroda, which had gained the most among PSU banks, was down 6.67% at ₹277.10 in early trade. State Bank of India‘s share price dropped 5.26% to ₹858, while Canara Bank fell 6.43% to ₹120.

Other PSU stocks were under pressure, with GAIL, which was the biggest gainer on Monday, easing 6.52% to ₹215.75. Defence stocks Hindustan Aeronautics and Cochin Shipyard were dropping 5.77% to ₹4,969.50 and 3.78% to ₹1,936.85.

Among energy stocks, ONGC’s share price was down 5.67% at ₹268, Oil India gave up 2.31% at ₹653.90 and Coal India fell 6.75% to ₹478.55.

Railway stocks were also feeling the heat, with IRCTC dropping 4.1% to ₹1,011, IRFC easing 4.6% to ₹180.25 and IRCON giving up 5.63% to trade at ₹270.8.

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