The CPM, the principal Left party, has conceded defeat, saying that the Congress and its allies will be in a position to form the government.
In a graceful statement, the politburo said: "The CPI(M) and the Left parties have suffered a major set back in these
necessitates a serious examination of the reasons for the Party's poor performance."
The party said the elections to the Lok Sabha have "resulted in a victory for the Congress and its allies who will be in a position to form the new government".
The CPI(M) said it would " continue its cooperation with the non-Congress, non-BJP secular parties with whom we have been working".
The CPI(M) assured all those who have reposed faith in the Party in these elections that "we will continue to champion the interests of the working people, national sovereignty and secularism".