Instead of the two-thirds majority he had wanted to change the constitution and create a new presidential republic, the AK Party, while remaining the biggest party, failed even to achieve a simple majority. The outcome augurs weeks of unpredictability as parties vie to form a coalition and possible early elections.

The result could also prompt some soul searching in the AKP, Turkey’s dominant political movement for more than a decade, where in recent years religious conservatives, with Erdogan’s support, have gained the ascendancy at the expense of center-right and liberal elements.

Erdogan, strident in his attacks on opponents he has in the past accused of betraying Turkey, seemed conciliatory in first comments after the poll — a stark contrast to his triumphalist appearances after recent local and presidential elections

“Our nation’s opinion is above everything else,” he said. “I believe the results, which do not give the opportunity to any party to form a single party government, will be assessed healthily and realistically by every party.

The uncertainty triggered a sharp sell-off in Turkish assets, reviving for some memories of fractious, short-lived coalition governments that battered the economy in the 1990s and triggered a string of army coups in the second half of the 20th century.

The lira slid to a record low of 2.8 to the dollar, the Istanbul stock index tumbled 8 percent, and the 10-year benchmark bond yield surged to within a whisker of 10 percent.

Deputy Prime Minister Numan Kurtulmus told reporters the AKP would try to form a coalition government as its first option and was optimistic that it would be able to do so, but added that an early election could be on the cards if it failed.

A coalition without the AKP, he said, was impossible.

The right-wing Nationalist Movement Party (MHP) is seen as its most likely partner. But its leader Devlet Bahceli all but ruled out such a deal on Sunday, saying Turkey should hold a new election if the ruling party was unable to agree a coalition with other opposition groups.

“The possibility of a government coming out of the current situation is very slim,” one senior AKP official said, ahead of a meeting with Prime Minister Ahmet Davutoglu and party leaders to evaluate Sunday’s outcome.

“With these results, an early election seems inevitable.”

Two other AKP officials also told Reuters a new election looked unavoidable, while Finance Minister Mehmet Simsek warned a coalition would not be as reformist as a single-party government.

Meanwhile, Erdogan on Monday called on Turkey’s political forces to behave responsibly to ensure stability in a “new process.”

“In this new process, it is of great importance that all the political forces show responsible behavior and the necessary sensitivity to preserve the atmosphere of stability and confidence in our country and our democratic achievements,” Erdogan said in a statement released by the presidency, his first reaction after Sunday’s polls.