Conceding that the people's mandate was in favour of the Congress-led United Progressive Alliance (UPA), archrival Bharatiya Janata Party (BJP) on Saturday said the results were "far below expectations" of the party and it accepts the verdict "with respect".
"The UPA has come out as the biggest alliance, so the mandate is in their favour. The BJP accepts this mandate of the people with full respect," BJP general secretary Arun Jaitley told reporters in New Delhi.
"The results are far below our expectations. Even in comparison to our performance in 2004 elections the number of seats have declined."
Refusing to point out the exact reasons behind the party's poll debacle, Jaitley defended the campaign strategy of the party.
"We ran a positive campaign. We campaigned against the mismanagement of the economy, the mismanagement of national security and the need for a strong leadership," explained Jaitley.
The parliamentary committee of the party will be meeting Saturday evening to review the poor performance of the party in the elections.
Jaitley denied that the projection of Gujarat Chief Minister Narendra Modi as a prime ministerial candidate of the BJP affected its poll prospects.
"(L.K.) Advaniji was unquestionably National Democratic Alliance's leader. No second name came up during this election. The media has been speculating about the names. But I do not think it affected the elections," he added.