Urjit Patel's resignation will be a setback for markets, say analysts

Urjit Patel's decision was announced post-market hours and a day before assembly election results in five states. The markets could see a bloodbath on Tuesday, analysts say.

Urjit Patel's resignation as Reserve Bank of India (RBI) governor will not go down well with the markets, which were under the impression that the relationship between the central bank and the government had thawed.

Patel’s decision was announced post-market hours and a day before assembly election results in five states. The markets could see a bloodbath on Tuesday if election results throw up a negative surprise, analysts said.

“The development came as a bolt from the blue. This was not expected at all. The markets were under the impression that the relationship between the government and the