Rahul Gandhi calls for JPC over June 4 stock market crash, questions Modi and Shah’s advice to investors

Congress leader Rahul Gandhi

Seeking a probe into June 4 stock market crash, Congress leader Rahul Gandhi questioned the timing of Prime Minister Narendra Modi and Amit Shah’s advice to Indian investors ahead of the Lok Sabha election verdict.

Addressing a press conference, the Congress leader said that for the first time during elections, PM Modi, Home Minister Amit Shah and Finance Minister Nirmala Sitharaman commented on stock markets.

"The PM told the country three-four times that the stock market is going to skyrocket. Home Minister directly said that the stock market will skyrocket on June 4, people should buy. The same message was given by the FM," Gandhi recalled.

Explaining the chronology of events, he said that the internal official survey of the BJP projected 220 seats for them. "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 stated.

Terming it as the biggest scam in the history of Indian stock market, Rahul posed a few questions, "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 asked.

VIDEO | "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...?… pic.twitter.com/OyGGSXDcd1

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— Press Trust of India (@PTI_News) June 6, 2024

Indian stocks suffered their worst intraday fall since March 2020 on June 4. NSE Nifty 50 index closed down 5.93% at 21,884.5 points, and the S&P BSE Sensex fell 5.74% to 72,079.05. The indexes fell as much as 8.5% earlier in the day, after hitting record highs on June 3 after exit polls predicted comprehensive win for NDA.

Gandhi said that he is convinced there is a scam and demanded a joint parliamentary committee (JPC) to investigate it.

In the recently concluded Lok Sabha polls, Rahul Gandhi won from both the seats he contested on -- Wayanad and Rae Bareli -- by a margin of 3.6 lakh and 3.9 lakh respectively.