Rahul Gandhi Accuses Modi and Shah of Stock Market Manipulation

Congressman Rahul Gandhi charged Prime Minister Narendra Modi and Union Home Minister Amit Shah on Thursday for their direct involvement in manipulating the stock market, which caused individual investors to lose ₹30 lakh crore during the period of the election results.

Rahul called for a joint parliamentary committee (JPC) investigation into the movements of the markets between the “fictitious exit polls” and the exit polls on June 1 and the real results on June 4.

Union minister Piyush Goyal was sent by the BJP to refute Rahul's allegations, but he avoided answering the direct query about Modi and Shah's financial guidance during the campaign.

Rahul asserted that by predicting that the stock markets will set new records on counting day, Modi and Shah had manipulated the markets. He enumerated the exit surveys and the "chronology" of their remarks.

Amit Shah stated, "Purchase shares before June 4th," on May 13. The prime minister declared on May 19 that "on June 4, stock markets will break records." The media distributes the exit polls on June 1. The stock market hits an all-time high and breaks records on June 3. When the markets collapse on June 4, investors—especially tiny ones—lose ₹30 lakh crore, according to Rahul.

He emphasized that there was over twice as much stock action on May 31 as there had been on May 30 and the days prior.

"Observe the irregularity. Who are these individuals? These are the ones who are aware that a scam is underway. After investing thousands of billions of rupees, individual investors lost thirty lakh crores of rupees. He declared, "This is the biggest scam in the history of the Indian stock market."

Rahul questioned why Modi and Shah had offered the five crore households participating in the stock market particular financial advice after outlining what the Congress considers to be a scam.

Do they have a duty to offer investing advice? Why the same media outlet, controlled by the same company group that is also the subject of a Sebi investigation for stock market manipulation, received the financial advise in both of the interviews, he asked.

What is the relationship between the BJP, the phony exit pollsters, and the suspicious foreign investors? Rahul asked. Who made a big profit at the expense of five crore families by investing the day before the exit polls were announced? We require a JPC to look into this. We firmly believe that this is a fraud. Retail investors have lost out on thousands of crores of rupees to someone else. And this is illegal behavior.

The head of the Congress's data analytics department, Praveen Chakravarty, responded, "This is based on the market value of all the companies the day before the results and the market value of all the companies at the end of the day the results came," when asked to explain how the party determined that the amount of loss was ₹30 lakh crore.

Goyal accused the Congress of inciting panic in reaction to its accusations. The Prime Minister and the Home Minister had just said that their government will seek a third term, he added, adding that the market followed its own logic in rising and falling prices.

Goyal asserted that Rahul was attempting to deceive investors in the market; however, Congress media chief Jairam Ramesh refuted this accusation. "The people of India have strongly rejected this bakwas (rubbish). Ramesh said on X, "He (Goyal) has not answered the three fundamental issues Rahul Gandhi has posed on behalf of crores of Indian ordinary investors.

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