The BSE Sensex was down 500 points and the Nifty 50 plunged below the 10,400 level.. Here are the latest updates from the markets

The BSE Sensex was down 500 points and the Nifty 50 plunged below the 10,400 level ahead of the final assembly election results from five states. Benchmark indices BSE Sensex and NSE’s Nifty 50 slumped 2% in the previous session after exit polls released after market hours on Friday projected the BJP losing power in Rajasthan and facing a tight finish in Madhya Pradesh and Chhattisgarh— three states where it is in power. Monday’s shock resignation of RBI governor Urjit Patel, following a prolonged stand-off between the RBI and the government, has added to the uncertainty. The centre has been seeking to reduce curbs on lending, and gain access to RBI reserves.
In global markets, Asian stocks extended this week’s declines as investors shrugged off a US rebound. Benchmarks in Japan and South Korea fell, while stocks in Australia were little changed near a two-year low. US futures also declined. Oil prices remained on shaky ground after sliding by 3% the previous day.

10.05 am IST
Economist Surjit Bhalla quits PM Modi’s advisory council
Indian economist Surjit Bhalla resigned from Prime Minister Narendra Modi’s economic advisory council effective December 1, a spokesman in Modi’s office said on Tuesday. News about Bhalla’s resignation comes a day after the Reserve Bank of India’s governor Urjit Patel quit abruptly after a months-long tussle over policy with the government. Modi formed the council late in 2017 to address issues of macroeconomic importance. The spokesman said Bhalla planned to join another organisation. Bhalla was not available for comment.

9.53 am IST
Yes Bank shares up 5%
Yes Bank shares traded 4.54% up at Rs 172.85 per share. Intraday, the stock rose as much as 4.9% to Rs 173.45 per share. The Yes Bank stock was the top gainer on the 30-shares Sensex.