Counting has begun for the key states of Madhya Pradesh, Rajasthan, Chhatisgarh, Telangana and Mizoram.
The SGX Nifty was down 174 points, indicating a negative start for the markets. Interestingly, the drop in the markets also had largely to do with the resignation of RBI Governor Dr Urjit Patel.
Global cues were also weak, with Asian markets marginally lower, despite some recovery in the Dow Jones.
The rupee is expected to open sharply lower, given the resignation of the RBI governor.