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India stocks tumble 5% to lead Asia markets lower on tighter-than-expected election race; Adani stocks tank 20%

Vinay Dwivedi
Shreyashi Sanyal

This is CNBC's live blog covering Asia-Pacific markets.

A woman walks past Bombay Stock Exchange (BSE) office in Mumbai, India, 18 July, 2022.
Nurphoto | Nurphoto | Getty Images

India stocks tumbled Tuesday in volatile trading, leading Asia markets lower as the country continued vote counting for its 2024 general election.

The Nifty 50 index fell about 5% and the BSE Sensex dropped more than 5%, as early projections suggested a closer-than-expected contest between the BJP-led NDA and the Congress-led I.N.D.I.A bloc.

Both benchmarks were close to giving up this year's gains by afternoon trade. The Nifty rose more than 20% last year, while the Sensex was up nearly 19% in 2023.

The benchmark indexes had hit record highs on Monday after local exit polls over the weekend suggested Prime Minister Narendra Modi would win a rare third consecutive term in office with a thumping majority.

Japan's Nikkei 225 fell 0.22% to close at 38,837.46, while the broader Topix ended 0.38% down at 2,787.48.

South Korea's Kospi shed 0.76% to end at 2,662.10 and the smaller-cap Kosdaq closed 0.13% higher at 845.84.

Hong Kong's Hang Seng index was 0.12% higher, while the CSI 300 index added 0.75% to close at 3,615.67.

In Australia, the S&P/ASX 200 index was down 0.31% closing at 7,737.10.


Overnight, U.S. stock index futures were listless as Wall Street looked to find its footing after an uneven start to the month.

Futures for the Dow Jones Industrial Average were roughly flat. S&P 500 futures and Nasdaq 100 futures ticked up less than 0.1% each.

The Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday.

— CNBC's Jesse Pound and Charmaine Jacob contributed to this report.

Shares of Adani Group companies slump by almost 20%

Shares of Adani Group companies lost almost 20% as vote counting for India's election indicated a closer-than-expected contest between the BJP-led NDA and the Congress-led I.N.D.I.A bloc.

Adani Ports plunged by more than 18%, while Adani Enterprises plummeted 19%.

Both stocks had risen more than 5% as the broader market surged over 3% on Monday following exit poll results that showed a thumping victory for the BJP.

— Charmaine Jacob

India stocks fall as vote counting for 2024 election begins

India's main stock gauges fell in early trading as the country started counting votes for its 2024 general election.

The Nifty 50 index and BSE Sensex fell nearly 3% each after the main indexes in India hit record highs on Monday.

Shares of Adani Ports fell more than 8%, while Adani Enterprises' shares were down more than 9%.

The world's most-populous country started counting votes at 8 a.m. local time, with Prime Minister Narendra Modi projected to win a rare third consecutive term. Over the weekend, local exit polls projected Modi and his Bharatiya Janata Party-led alliance winning a decisive majority in the lower house of the parliament.  

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— Shreyashi Sanyal, Charmaine Jacob

South Korea CPI rises at slowest pace in 10 months

South Korea's consumer inflation slowed in May, official data showed, with the pace of increase coming in below expectations.

The consumer price index increased 2.7% in May from a year ago, rising at its slowest pace since July, according to LSEG data.

The number was also smaller than a 2.9% increase in April and a gain of 2.8% expected by a Reuters poll of economists.

South Korea's core CPI, which excludes volatile food and energy products, gained 2.2% year over year in May.

— Shreyashi Sanyal

CNBC Pro: The market has 'completely missed' this critical AI chip stock, says fund manager

A U.S. company that provides electronic design software to chip makers, has been "completely missed" by investors, according to Clare Pleydell-Bouverie, fund manager at Liontrust.

The company has tools for engineers to find and fix problems in the design of computer chips before they are manufactured.

Pleydell-Bouverie said the company is a "key enabler of [AI growth], and that's been completely missed by the market."

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: Here are top alternatives to Nvidia that are still cheap, according to the pros

Nvidia shares keep smashing records.

But Nvidia isn't the only one benefitting from bullish sentiment on AI — other tech names also got a boost, leading the Nasdaq to close at a record high.

Is it too late to buy into the AI boom? We asked the pros which are the best stock alternatives to Nvidia that are still cheap.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Goldman's Kaplan says no rate cut until at least September

Goldman Sachs vice chairman and former Dallas Fed President Robert Kaplan told CNBC on Monday that he does not see a rate cut this summer unless something "shocking" happens.

"I think September is the first month where a cut is a possibility, but I think the Fed would need to see at least a few more months of improvement in inflation. If they see it, September is possible," Kaplan said on "Closing Bell."

The central bank's next policy decision is due out June 12.

— Jesse Pound

GameStop rises in extended trading after latest Reddit post

A screen displays GameStop stock trading information on the floor at the New York Stock Exchange on June 3, 2024.
Brendan McDermid | Reuters

Shares of GameStop were up 3% in after-hours trading, building on a 21% gain during regular market hours.

The latest move came after another Reddit post that appeared to be from Keith Gill, aka "Roaring Kitty." The post appeared to show that Gill still holds his GameStop shares and call options positions in the stock after Monday's rally.

CNBC has not independently verified the Reddit post.

— Jesse Pound, Yun Li