Rahul seeks JPC probe into June 4 crash, calls it biggest stock market scam

Rahul Gandhi questioned why Prime Minister Narendra Modi, Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman made remarks concerning the stock market

Congress leader Rahul Gandhi on Thursday launched a scathing attack on Prime Minister Narendra Modi, Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman for allegedly providing specific investment advice related to the stock market before the announcement of the 2024 Lok Sabha election results.

Rahul Gandhi questioned why PM Modi, Amit Shah, and Nirmala Sitharaman made comments regarding the stock market.

“For the first time we noted that during the elections, the Prime Minister, the Union Home Minister and the Finance Minister commented on the stock market. The Prime Minister said that the stock market is rising at a great speed. The Union Home Minister said that on June 4 the stock market will be on the rise and you all should invest and similar was said by the finance minister. Amit Shah said to buy shares before June 4. On May 19, PM Modi said the stock market will break records on June 4,” Rahul Gandhi said.

“Why both interviews were given to the same media house owned by the same business group? Which is also under the Securities and Exchange Board of India [Sebi] investigations for manipulating stock markets?” he asked.

 

“We demand a JPC probe into this and we are absolutely convinced that this is a scam,” he said, adding, “Somebody has made thousands of crores of rupees at the cost of retail investors.”

India’s stock market suffered a significant decline, erasing $386 billion in market value, as election tallies indicated that Prime Minister Narendra Modi’s ruling party was struggling to secure a majority of seats in the 2024 Lok Sabha elections. This outcome was surprising given that exit polls had predicted a landslide victory for Modi.

The NSE Nifty 50 Index plummeted 5.9 per cent in Mumbai, marking its worst day in over four years. The vote counts showed that Modi’s Bharatiya Janata Party (BJP) and its allies in the National Democratic Alliance (NDA) were leading in more than 290 seats. Although this number exceeds the 272 needed for a parliamentary majority, it falls short of the approximately 350 seats they won in 2019. Consequently, the rupee fell the most in a year and the 10-year yield rose.

[With agency input]