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Rahul Gandhi demands JPC to probe 'biggest stock market scam', attacks PM Modi and Amit Shah

On June 4, the stock market witnessed a steep selloff, resulting in a massive loss of approximately Rs 20 lakh crore within the first 20 minutes of trading.

Edited By: Arushi Jaiswal @JaiswalArushi New Delhi Published on: June 06, 2024 19:16 IST
Rahul Gandhi, Congress, PM Modi, stock market
Image Source : PTI Congress leader Rahul Gandhi

June 4 stock market crash: Congress leader Rahul Gandhi on Thursday demanded a joint parliamentary committee (JPC) investigation into  in what he described as the 'biggest stock market scam' in which retail investors lost Rs 30 lakh crore.

Addressing a press conference, the Congress leader also said stock markets rose after 'fake' exit polls and then crashed the day Lok Sabha polls votes were counted on June 4. He said that the retail investors lost Rs 30 lakh crore and this is the 'biggest stock market scam'.

Why top BJP leaders made comments about stock market? Rahul Gandhi

He also questioned why top BJP leaders, including Prime Minister Narendra Modi, Union Home Minister Amit Shah and Finance Minister Nirmala Sitharaman, made comments about the stock market during the elections. 

"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. A similar was said by the Finance Minister. Amit Shah says buy shares before June 4. On 19 May PM Modi says the stock market will break records on June 4," he said.

"Why did the prime minister and home minister give investment advice to people," Gandhi asked and alleged that BJP leaders had information that exit polls were wrong.

"We want JPC probe into biggest stock market scam," he said.

Rahul Gandhi's allegations surfaced days after equity investors experienced a significant loss of Rs 31 lakh crore, as markets plummeted with the BSE Sensex tumbling nearly 6 per cent, reflecting vote counting trends indicating that the BJP was not securing an absolute majority in the Lok Sabha elections.

 

'We demand JPC probe into this'

He further claimed that the internal official survey of the BJP projected 220 seats for them. "Intel agencies had told the government that they will get 200-220 seats. The stock market breaks all records on June 3, and on June 4, the market goes underground," he claimed.

"Why did PM Modi and Union Home Minister give specific investment advice to the five crore families investing in the stock market? Is it their job to give investment advice? Why were both interviews given to the same media owned by the same business group which is also under SEBI investigation for manipulating stock? What is the connection between the BJP, the fake exit pollsters and the dubious foreign investors who invested one day before the exit polls were announced and made a huge profit at the cost of five crore salaries?" he questioned.

"We demand a JPC into this. We are convinced that this is a scam. Somebody has made thousands of crores of Rupees at the cost of Indian retail investors and the Prime Minister and the Union Home Minister have given an indication to buy. So we demand today a joint parliamentary committee to investigate this," he said.

Also Read: Investors lose Rs 20 lakh crore in early trade as election race tightens

Also Read: Lok Sabha elections: Sensex down nearly 6,000 points amid trends of NDA-BJP losing grounds

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