Accepting the people's verdict, the Communist Party of India-Marxist (CPI-M) Friday said the poll defeat in West Bengal was a "serious setback" to the party that had ruled the state continuously for 34 years.
"We accept with humility the verdict handed out by the people," CPI-M politburo member Brinda Karat told a news channel.
She said the CPI-M will introspect and "we will take a look at the reasons for it (defeat)".
But, she added, "we will take necessary steps and win back the confidence of the people by fighting for their rights".
She said the CPI-M would play the role of a constructive opposition and credited the success of the Trinamool Congress to the "feeling of change" among the people.
"After 34 years, the Trinamool has got the benefit for the feeling of change. That is what happened in the elections. And the other reason will be discussed."
She maintained that the Marxist ideology had not lost its relevance.
"The Left has a strong support base among young people. I don't think Marxism as an ideology has lost its relevance," Karat said.