Weighed down by weak global cues and with exit polls predicting a lackluster performance by the ruling Bharatiya Janata Party in elections in five states, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) were both weak on Monday.

The 30-share BSE Sensex plunged 657 points to hit 35,016.08, while all the major sectoral indices on the NSE such as Nifty Bank, Nifty auto, Nifty Financial Services, Nifty IT and Nifty FMCG were down this morning. The Nifty realty index was the biggest sectoral loser, down about 2.9%.

Following exit poll results, shares of the Adani Group, led by Gautam Adani, Reliance, led by Mukesh Ambani, and Anil Dhirubhai Ambani Group (ADAG) all came under pressure.

These industrialists reportedly have close links with Prime Minister Narendra Modi.

Shares of Mukesh Ambani’s Reliance Industries Ltd were trading at 1,084.15 rupees at 12.30pm on the National Stock Exchange, down from its previous close of 1,133.80 rupees.

Meanwhile, shares in Kotak Mahindra Bank also dropped 6% after officials from the bank filed a writ in the Bombay High Court against the Reserve Bank’s decision on Kotak Mahindra’s preference shares.

Another factor that led the markets down was the rise in prices for Brent crude oil on Monday after the Organization of Petroleum Exporting Countries (OPEC) and some non-affiliated suppliers agreed last Friday to a supply cut of 1.2 million barrels per day from January.

The Indian rupee also slipped during early trade on Monday. It opened lower by 54 paise at 71.34 per dollar against the previous close of 70.80.