Opposition leader Rahul Gandhi has called for an investigation into the cause of the stock market crash in India. Such allegations were made by Rahul immediately after the Lok Sabha elections.
The opposition leader has accused top leaders of the Bharatiya Janata Party (BJP) of a stock market scam. He claimed that BJP leaders spread misleading information about the share price on the day of the announcement of the election results on June 4.
Rahul Gandhi said Prime Minister Narendra Modi encouraged stock traders to buy shares. But after the announcement of the election, the stock market collapsed.
Rahul Gandhi has demanded a Joint Parliamentary Committee (JPC) to investigate the share market scam and the role of Modi and his senior ministers in it, BBC reported.
Rahul claims that Indian Prime Minister Narendra Modi earlier encouraged people to buy shares. As a result, the market collapsed and the investors faced huge losses. However, Modi’s party, BJP, has denied the allegation.
The Congress leader said weeks before the election results were announced, Prime Minister Modi, Home Minister Amit Shah and Finance Minister Nirmala Sitharaman advised investors to “buy shares before June 4”. They predict that share prices will rise later in anticipation of a BJP victory.
Calling it the “biggest scam” in India’s stock market history, Rahul Gandhi said some “dubious foreign investors” benefited from the rigging. As a result, Indians have lost thousands of crores of rupees.
Last month, Amit Shah said in an interview to NDTV, a media owned by Modi close Adani, “The stock market crash should not be associated with the election. But even if such rumors are spread, still my suggestion, buy your (shares) before June 4th. Later the price will increase.
But Piyush Goyal, the outgoing commerce minister in Modi’s cabinet, denied the allegation and counter-accused Rahul of misleading investors.
Boothferat polls predicted a comfortable majority for the BJP, i.e. more than 272 of the 543 Lok Sabha seats. And it will reach 360-370 under the leadership of NDA alliance.
But the results of last Tuesday’s election were not even close to these predictions. BJP did not even get half of the target seats. And NDA got 293 seats. Stock market indices plunged to four-year lows after Modi’s party lost its majority.
Rahul claimed that the booth polls were “fake” and that even the BJP knew they could not win more than 220 seats from “internal survey and intelligence agency reports”.
He said, despite that, the booth polls showed that the BJP had won a large number of seats. And because of this, on June 3, the day before the Lok Sabha results were announced, investors rushed to buy shares.
But the day after the election results, India’s stock market saw its biggest fall in years. Within moments, thousands of crores of rupees of investors disappeared from the market.
However, BJP’s Piyush Goyal claims that only Indians have benefited from the ups and downs in share prices. He said during the market upturn in April and May, foreign investors sold shares, which Indians bought. The same thing happened with the June 4 market crash.
He said, “Foreigners bought at a high price and sold at a low price. And Indian investors sold high and bought low. So in a sense, Indian investors have made profits this time too. No one was harmed.
