Already the country's longest serving leader, Morales lost a referendum 52.3 per cent to 47.7 per cent, according to Ipsos exit polls -- unofficial figures cited on private ATB television.
It was the worst -- and first -- national political defeat for Morales, who has led the Andean nation for a decade.
He had said he expected to see 70 per cent in support of his bid.
Last month, he became the longest serving president since Bolivia's independence from Spain in 1825 -- a rare accomplishment in a country known for military coups and shaky, short-lived governments.
The campaign formally ended on Thursday but continued furiously on social media sites like Facebook and Twitter throughout the weekend.
Morales has overseen robust economic growth in Bolivia, but opponents accuse him of presiding over corruption and investing in flashy infrastructure projects at the expense of health and education.
Morales's most recent, and perhaps most damaging, scandal relates to charges of favouritism shown to CAMC, a Chinese engineering company that won the bid for a major railroad expansion project.
One of the top managers at CAMC's La Paz office is Gabriela Zapata, 28 -- Morales's former girlfriend.
However, he recently admitted to having a child with Zapata during a two-year relationship that began in 2005 when she was 18. Morales said the child later died.
The president rejected corruption allegations as "a hoax by the US embassy" to discredit him, and insists that he has "nothing to hide."
In an attempt to clear his name, Morales has asked state accounting authorities to investigate the process by which the government signed contracts worth USD 576 million with CAMC.
Congress has also opened a probe into the corruption allegations.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
