As Britons confounded markets and bookies by voting to leave the European Union, Jaguar Land Rover owner Tata Motors Ltd. slumped the most since 2012, sending India’s benchmark stock index to its biggest drop in almost four months.

The worst performer on the S&P BSE Sensex, with a plunge of 7.9 pe4cent, was Tata Motors, whose JLR unit gets a quarter of its sales from Europe. There was a fall of 6.4 percent in the value of Tata Steel Ltd., which has plants in the U.K. and the Netherlands. There was a fall of at least 3 percent in the shares of State Bank of India, Axis Bank Ltd. and ICICI Bank Ltd. there was a three month high surge in India VIX Index, which measures the cost of protection against market fluctuations.

At the close of last week’s trading, the Sensex lost 2.2 percent. As realization that Brexit was looming triggered a selloff in Asian equities, the gauge slumped at opening bell. Investors were lured to companies most-tied to the economy such as automakers and financial-services firms, the losses deepened to as much as 4 percent. The rupee was able to pare a decline and shares reduced the day’s losses due to comments by the central bank that it would provide liquidity support.

“We replicated Asian markets and fell like nine pins in the morning before investors began to realize that the impact from the vote would be limited to a sub-section of the market. There was buying in sectors where the British pound has no role to play. The currency market also provided a good amount of support,” Kaushik Dani, a fund manager at Karvy Stock Broking Ltd. in Mumbai said.

The nation’s largest software exporters that get a quarter of their revenue from Europe – Tata Consultancy Services Ltd., Infosys Ltd. and Wipro Ltd., retreated. In comparison companies that have a strong home market did well such as motorcycle maker Bajaj Auto Ltd., Mahindra & Mahindra Ltd., which produces tractors, and Asian Paints Ltd.

Halting the 18 percent rally through Friday in the Sensex from a low in reached in February, some investors are concerned the U.K.’s exit could curb demand for emerging-market assets. India was put on course to become the first among a valued at more than $1 trillion to crawl back from a bear market this year by the rebound.

“India is one market where investors have made money after the recent rally, and it is easy psychologically to sell. Brexit will compel a few foreign funds to lighten the positions in Indian markets as they look for dollar returns,” Nikhil Johri, chief investment officer at Trivantage Capital Management India Pvt. in Mumbai said.

Overseas funds were set for the fourth month of purchases which have bought $657 million of shares in June.

“I don’t think people were ready for this outcome. It’s probably time to nibble at some Indian stocks and wait to see the unraveling of the rest of the financial markets to decide what to do,” said A.S.T. Rajan, senior managing director at Aquarius Investment Advisors Pte. in Singapore.

(Adapted from Bloomberg)