Indian Prime Minister Narendra Modi is set to secure a historic third term, but his party has now lost its majority rule for the first time in a decade.  

While Modi, 73, celebrated his smallest victory ever on Tuesday, things looked grim for his Bharatiya Janata Party (BJP), which maintained a majority rule in India since 2014. 

The latest outcome shocked the nation, as Modi and BJP members were predicted to win by another landslide. India’s stock market fell by 6% after the votes were tallied. 

The prime minister, however, brushed off the worries and pointed out that his party and its allies still outnumber their opponents in the world’s largest democracy.

“The blessings of the people for the third time after 10 years boosts our morale, gives new strength,” Modi told supporters at the BJP headquarters in New Delhi. 

“Our opponents, despite being united, could not even win as many seats as BJP won.”

Despite Modi’s assurance, analysts says that Modi will now have to depend on at least three different regional parties to work with him to pass policies. 

Polls on Tuesday night show that BJP and its allies are leading or have won 51% of the seats in congress.  

Centrist Rahul Gandhi, who leads the Congress party, said Tuesday’s outcome was a clear signal that the nation was looking to move away from Modi and the BJP. 

“The country has unanimously and clearly stated, we do not want Narendra Modi and Amit Shah to be involved in the running of this country, we do not like the way they have run this country,” Gandhi told reporters. “That is a huge message.”

With Post wires