Rahul Gandhi, a leader of the Congress party, criticized Narendra Modi and Amit Shah for the stock market turbulence on June 4, which happened when the results of the 2024 Lok Sabha election were announced. He said that on that day, small investors lost a huge amount of money, around 30 lakh crore rupees, which he called the biggest scam ever in the Indian stock market.
Piyush Goyal, a leader of the BJP, disagreed with Rahul Gandhi’s statements and accused him of scaring both Indian and international investors.
Rahul Gandhi mentioned in a press conference that during the elections, the Prime Minister, the Home Minister, and the Finance Minister all talked about the stock market. The Prime Minister said the stock market was doing very well, the Home Minister predicted a rise in the stock market on June 4 and encouraged people to invest, and the Finance Minister also gave similar advice. According to Rahul Gandhi, Amit Shah even suggested buying shares before June 4, and on May 19, PM Modi said the stock market would hit new highs on June 4.
Rahul Gandhi highlighted some concerning events surrounding the stock market alongside the recent election. He mentioned how the media’s exit polls weren’t accurate and that BJP’s internal survey predicted 220 seats. According to him, even intelligence agencies projected a similar outcome. He pointed out the unusual surge in the stock market on June 3 followed by a significant downturn on June 4.
Gandhi emphasized the suspicious increase in stock activity before the election results were announced, hinting at possible insider knowledge. He raised questions about who benefited and who suffered from these fluctuations. He claimed that while foreign investors gained, ordinary retail investors lost a massive amount, approximately 30 lakh crore rupees, calling it the largest scam in Indian stock market history.
He then posed several questions. First, why did the Prime Minister and Home Minister provide specific investment advice to millions of families? Second, why did they choose to give interviews to a media outlet owned by a conglomerate currently under investigation for market manipulation? Finally, he questioned the connection between the BJP, the inaccurate exit pollsters, and the suspicious foreign investors.
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