The equity market crashed due to expectations of a big NDA win created by the exit polls, experts said on Tuesday, stressing that the India story is intact from a medium- to long-term perspective.

It was anticipated that the markets will continue to be volatile for a good part of this week, and will await clarity on the exact number of seats the BJP and the NDA win to retain power and key portfolio allocations, experts said.

Domestic brokerage HDFC Securities' Managing Director Dhiraj Relli said that with a seat tally of about 240 seats with the BJP and under 300 for the extended NDA, Prime Minister Narendra Modi will not be able to carry forward reforms on land, labour, and agriculture.