PM Modi and Amit Shah directly involved in Tuesday's stock market crash: Rahul Gandhi

Congress leader Rahul Gandhi on Thursday launched a scathing attack on Prime Minister Narendra Modi and Home Minister Amit Shah on allegedly giving specific investment advice related to stock market before the announcement of Lok Sabha election polls results.

The Wayanad MP asked reasons why PM Modi and home minister Amit Shah commented on 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 says buy shares before June 4, 19 PM Modi says 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 SEBI investigations for manipulating stock markets?," Gandhi asked.

“The media releases fake exit polls, BJP’s internal survey showed them 220 seats, BJP leaders had this info. Intel agencies had told that the government that they will get 200-220 seats. Stock market breaks all records on June 3, and on June 4, stock market goes underground,” Rahul Gandhi further said during a press conference at the AICC headquarters, flanked by Congress leaders, Jairam Ramesh, KC Venugopal, Supriya Shrinate and Pawan Khera.

'We demand a JPC probe into this and we are absolutely convinced that this is the biggest stock market scam,' Gandhi said.

Also Read: 'Conspiring to mislead the investors': BJP hits back at Rahul Gandhi on 'stock market scam' charge

India’s stock market plummeted, erasing $386 billion in market value, as tallies signaled that Prime Minister Narendra Modi’s ruling party was struggling to win a majority of seats in national elections, a stunning result after exit polls showed he was on pace for a landslide victory.

The NSE Nifty 50 Index tumbled 5.9% in Mumbai, its worst day in more than four years, as counts showed Modi’s Bharatiya Janata Party and its allies in the National Democratic Alliance were leading in more than 290 seats, slightly more than 272 needed for a majority in parliament and well short of the roughly 350 they won in 2019. The rupee fell the most in a year and the 10-year yield rose.

(With inputs from agencies)