BENGALURU, May 9 Reuters Indian shares dropped on Thursday due to a slide in Larsen and Toubro LT after its disappointing revenue outlook, and amid persistently elevated volatility on jitters over the outcome of the ongoing national elections.

The bluechip NSE Nifty 50 fell 0.46 to 22,200 as of 1018 a.m. IST, while SP BSE Sensex shed 0.48 to 73,110.

The volatility index rose 2.7, setting the stage to gain for an eleventh straight session.

The rise in volatility can be attributed to the fear of the BJPled National Democratic Alliance getting a weakerthanexpected majority, said Abhishek Goenka, founder and chief executive of IFA Global.

We have seen immediate reversals in the Nifty after hitting fresh highs and this tells a lot about the jitters that the market has on account of the big event.

Construction major LT, a Nifty heavyweight, shed 5.6 in its steepest intraday slide since May 2020, after it gave a subdued revenue growth outlook, citing the elections and geopolitical risks.

Infrastructure stocks fell by about 1.

On the flip side, auto stocks advanced 2.2, driven by Hero MotoCorp39;s continued gains following the twowheeler maker beating fourthquarter profit estimates.

Hero, which reported just ahead of the close on Wednesday, jumped 6 on the day to add to its 3 gain in the previous session.

Bank of Baroda rose 2.1, after the central bank lifted restrictions on the lender39;s mobile application.

The domestically focussed smallcaps and midcaps were down…