As Sensex crashed over 2,500 points and Nifty hit a 10-month low on Monday, investors lost Rs 16.19 lakh crore in a matter of hours. The stock market crash, triggered by fears of a trade war initiated by US President Donald Trump's hefty tariffs, also tickled the funny bones of investors in India, as some of them took to X to demand for a few hilarious relief measures that included setting up a minimum sale price for stocks and even abolishing income tax.
Some of the "demands" circulating on social media now had originated after the stock market crash in March 2020, during the Covid pandemic.
"MSP for stocks," suggested X user Devil's Advocate (@jaganmsna). "MSP will be based on a formula by a committee of experts. Something like -- an exchange will allow buy or sale of HDFC Bank only above PE 50."
"PM should give stock tips from NaMo app," recommended Indian Share Market Updates (@stocks_in).
Another X user, Sandeep Pravin Parekh (@SandeepParekh) added, "Abolish income tax, GST, capital gains tax. Introduce capital loss re-imbursement scheme."
A few other users suggested a ban on short-selling.
"Yes, banning shorting is not enough," wrote Eternal Fool (@passivefool). "Short selling and selling stocks should be deemed anti-national and considered an act of treason. Short sellers should be deported to Pakistan. People talking [about] anything except buying should be imprisoned in Andaman."
Meanwhile, the stock market crash prompted by Trump has also triggered the meme factory.
Amid this, the US President has defended his tariffs, saying a lot of countries are 'dying to make a deal' and any adjustment in the stock market would be temporary.
Hopes that Trump would rethink his policy in light of the turmoil were dashed Sunday when he said he would not make a deal with other countries unless trade deficits were solved. He denied that he was intentionally engineering a selloff and insisted he could not foresee market reactions.
"Sometimes you have to take medicine to fix something," he said of the disruption that has wiped trillions of dollars off company valuations.
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