[ELECTION OUTCOMES]

Opposition wins state — incumbent-linked re-rating risk

Companies under pressure when opposition (Congress / regional bloc) wins a state

▲ Stocks that benefit3 cos

▼ Stocks under pressure8 cos

Historical examples

2023-05-13Congress sweeps Karnataka Assembly polls
Adani group fell ~3% on election day; FMCG firmed on rural welfare narrative.
2019-05-23YSRCP sweep Andhra — Heritage Foods (TDP-linked) under pressure
Heritage Foods (Naidu family) declined ~10% over the next sessions; YSRCP win pressured TDP-linked promoters.
2026-05-20TMC retains West Bengal in 2026 — RPSG/CESC tailwind
CESC (Goenka/RPSG) tied to Bengal distribution licence — TMC continuity = stable regulatory path.

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