India's Modi declares historic victory, but fails to win 'big majority'

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India's Modi declares historic victory, but fails to win 'big majority'
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Celebrations are already on at the headquarters of Modi's BJP before the full announcement of results but the mood at the opposition Congress headquarters in New Delhi is also one of jubilation.

Celebrations are already on at the headquarters of Modi's BJP before the full announcement of results but the mood at the opposition Congress headquarters in New Delhi is also one of jubilation.Victory in elections for NDA means, Modi, 73, only the second prime minister after independence leader Jawaharlal Nehru to win three consecutive terms. / Photo: Reuters

"I also salute all our workers for their hard work. Words will never do justice to their exceptional efforts,” he said. The opposition alliance known by its initials I.N.D.I.A, led by the Indian National Congress and its leader Rahul Gandhi, mounted a formidable challenge but may fall short of disrupting Modi's grip on power.

Stocks slumped on speculation the reduced majority would hamper the BJP's ability to push through reforms.

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