First came the abrupt resignation on Monday night of Reserve Bank of India Governor Urjit Patel, which sent stock, bond and currency markets tumbling when they reopened on Tuesday. Then Modi’s Bharatiya Janata Party faced defeat in three key states that he carried in his 2014 national victory, in what amounts to his biggest political setback since taking office. “The results reveal the declining political stock of Narendra Modi going into the national elections,” said Katharine Adeney, director of University of Nottingham’s Asia Research Institute.
