National security crises often generate a ‘rally‐around‐the‐flag’ effect, especially under nationalist administrations, but the salience of a security crisis varies within a country. Does exposure to a crisis intensify rallying by fomenting nationalism, inciting hawkishness, and distracting from quotidian economic concerns? Or does exposure deepen dissatisfaction with the incumbent, thereby reducing a rallying effect? We argue the latter using evidence from a difficult test in India. A major pre‐election terrorist attack boosted the nationwide popularity of the Bharatiya Janata Party (BJP), the nationalist ruling party. Yet we find that proximity to the victims’ funeral processions, which served as patriotic rallies, substantially reduced BJP support where the party was incumbent. The size and breadth of our observed effects indicate that the social commemoration of the attack, rather than direct personal connections to its victims, fuelled anti‐incumbent sentiment. Mobilizing collective anger after a crisis may dampen rather than augment a rally‐around‐the‐flag effect.