"India is greater than political parties and elections," Rakesh Jhunjhunwala once said when asked about elections' impact on the stock markets, the veteran investor said he doesn't understand why people have an obsession with the elections.

What Happened: Markets saw its biggest fall in four years on Tuesday after the Bharatiya Janata Party (BJP) failed to secure the 272-seat mark in the Lok Sabha elections on its own.

"I don't know why people have this obsession about elections. Not realising that India is greater than political parties, individuals and elections. India grows not because of politicians, but in spite of them," Jhujhunawala had said in an old interview. 

See Also: Nithin Kamath’s Zerodha Reveals 34.5M Trades Were Carried Out On Its Platform On Election Result Day: Investors Lost Staggering ₹30 Lakh Cr As Sensex Crashes 6%

He also pointed out that the long-term trajectory of the markets is not dependent on elections. 

"Another thing is how immaterial they are is Sensex made a low of 2,800 on September 2001. It was 6,400 when the BJP government lost the elections because they were widely expected to win in 2004. In one week, the Sensex was at 4,400." He had said. 

"When Mr Manmohan Singh was re-elected without communist support and the congress had 200-plus seats (in 2009), the Nifty went up by 40% in two trading days and never went above that or it remained around that for the next five years," the big bull had pointed out. 

Read Next: How To Check TBI Corn IPO Allotment Status