Rahul Gandhi demands JPC into alleged stock market scam

Congress leader Rahul Gandhi alleged a big scam in the stock market on June 4, resulting in shareholders losing nearly 30 lakh crore rupees during a press conference.

| Updated: 06 June, 2024 7:18 pm IST
Source: X/Rahul Gandhi

NEW DELHI: Congress leader Rahul Gandhi alleged a big scam in the stock market on June 4, resulting in shareholders losing nearly 30 lakh crore rupees during a press conference held at the All India Congress Committee headquarters in Delhi on Thursday.

Rahul criticized the unprecedented involvement of Prime Minister Narendra Modi, Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman in commenting on stock markets during elections.

“For the first time, we have noted that during elections, the PM, Home Minister, and Finance Minister commented on stock markets,” Rahul said. He pointed out that PM Modi had repeatedly assured the country that the stock market would surge, and both the Home Minister and Finance Minister amplify this sentiment.

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“The media releases fake exit polls, BJP’s internal survey showed them 220 seats, BJP leaders had this info. Intel agencies had told the government they would get 200-220 seats. The stock market breaks all records on June 3, and on June 4, the stock market goes underground,” Rahul added.

Gandhi highlighted unusual stock market activity on May 31, with massive trading volumes more than double those on May 29 and 30. He alleged that those involved were aware of the scam, with foreign investors investing thousands of crores, ultimately leading to retail investors losing 30 lakh crore rupees. “This is the biggest scam in the history of the Indian stock market,” Rahul claimed.

” We demand, A Joint Parliamentary Committee(JPC) investigation into this biggest ever stock market scam”, said Rahul.

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He posed several questions, “First, why did PM and HM give specific investment advice to the 5 crore families investing in the stock market? Is it their job to give investment advice? Second, why were both interviews given to the same media house, owned by the same business group, which is also under SEBI investigation for manipulating the stock market? Third, what is the connection between the BJP, the fake exit pollsters, and the dubious foreign investors?”

The stock market experienced a significant crash on June 4, following the Lok Sabha election results. The S&P BSE Sensex decreased by 4,389.73 points, closing at 72,079.05, while the NSE Nifty50 dropped 1,379.40 points, settling at 21,884.50. This marked the worst session in four years for the Indian stock market.

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