Finance minister Arun Jaitley today said that the BJP respects voters' verdict in Bihar. Briefing media in New Delhi this evening, Mr Jaitley said, formation of grand alliance in Bihar was the main factor for NDA's defeat. <br/><br/>He said, the BJP failed to analyse the ground situation in the state. Mr Jaitey said, causes of defeat were analysed in parliamentary board meet. <br/><br/>Replying to a media query on the impact of statements made by party leaders during poll campaign, Mr Jaitley said, elections are not contested on the basis of statements. <br/><br/>Prime Minister Narendra Modi, Home Minister Rajnath Singh, External affairs minister Sushma Swaraj among others attended the meeting of the board, the top decision-making body of the party . Party chief Amit Shah presided over the meet. In the morning, Mr. Shah met RSS chief Mohan Bhagwat.