Rahul Gandhi Targets PM Modi, Amit Shah Over Stock Market Crash; BJP Says 'He Is Trying To Create Fear'

Congress leader Rahul Gandhi on Thursday slammed Narendra Modi and Amit Shah over the June 4 turbulence in the stock market when the results of the Lok Sabha election 2024 were announced. The Congress leader claimed that retail investors “lost 30 lakh crore rupees” on June 4 and went on to call it the “biggest scam in the history of the Indian stock market”.

BJP leader Piyush Goyal, on the other hand, rebuffed Rahul Gandhi’s claims and accused him of instilling fear among the national and international investors.

“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 May PM Modi says the stock market will break records on June 4…” Rahul Gandhi said in a press conference.

“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,” he added.

The Congress leader further noted that on May 31, “massive stock activity – more than double what was there on May 30, more than double what was there on May 29”.

“Who are these people? These are those who were aware of a scam happening. Foreign investors invested thousands of crores and who was at loss…? Retail investors lost 30 lakh crore rupees. This is the biggest scam in the history of Indian stock market,” Rahul Gandhi claimed.

“We have a few questions on this… First question, 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 both interviews were given to the same media house, owned by the same business group, which is also under SEBI investigation for manipulating stock market? Third, what is the connection between the BJP, the fake exit pollsters and the dubious foreign investors?” he added.

Piyush Goyal Reacts to Rahul Gandhi’s Allegations

Union Minister Piyush Goyal called Rahul Gandhi’s statement on stock market “frustration of loss” in the Lok Sabha election 2024. “Today Rahul gandhi did a press conference and labelled some serious allegations. This is in frustration of loss and not even sparing the market,” he said.

Goyal also accused the Congress leader of “trying to create a fear among the national and international investors”.

“We are going to become the third largest economy under the leadership of PM Modi. The quality market is a specific trend. We all know in the last 10 years our market cap is above 5 trillion,” he said.