India stocks tumble 5% to lead Asia markets lower on tighter-than-expected election race; Adani stocks tank 20% – CNBC

Adani Group shares fell nearly 20% after results from India’s general election showed a closer race than expected between the BJP-led NDA and the Indian National Congress-led INDIA alliance.

Adani Ports plunged more than 18 percent and Adani Enterprises plunged 19 percent.

Both stocks rose more than 5% on Monday as the broader market surged more than 3% after exit polls showed a landslide victory for the BJP.

Charmaine Jacob

South Korea’s consumer price inflation rate slowed in May. According to official dataThe pace of increase was lower than expected.

According to LSEG data, the consumer price index rose 2.7% year-on-year in May, the slowest increase since July.

The figure was smaller than the 2.9 percent increase in April and the 2.8 percent increase forecast in a Reuters poll of economists.

South Korea’s core CPI, which excludes volatile food and energy products, rose 2.2% year-on-year in May.

Shreyasi Sanyal

The US company, which provides electronic design software to semiconductor makers, had been “totally overlooked” by investors, said Liontrust fund manager Claire Pleydell Bouverie.

The company has tools that help engineers find and fix design problems before computer chips are manufactured.

Pleydell Bouverie said the company ” [AI growth]and it was completely overlooked by the market.”

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Ganesh Rao

Robert Kaplan, vice chairman of Goldman Sachs and former president of the Dallas Fed, told CNBC on Monday that he doesn’t expect a rate cut this summer unless something “shocking” happens.

“I think September is the first month that a rate cut is possible, but I think the Fed needs to see inflation improving for at least a few more months. If they see that, then September is a possibility,” Kaplan said on “Closing Bell.”

The central bank’s next policy decision is due to be announced on June 12.

Jesse Pound

GameStop shares rose 3% in after-hours trading, following a 21% rise during regular trading hours.

The latest move comes after another Reddit post apparently from Keith Gill, also known as Roaring Kitty, appeared to indicate that Gill still holds positions in GameStop shares and call options on the stock after Monday’s stock rally.

CNBC has not independently verified the Reddit post.

— Jesse Pound, Yun Lee