BJP Hits Back at Congress’ ‘Stock Market Scam’ Charge

The Bharatiya Janata Party (BJP) fired back at Congress leader Rahul Gandhi’s accusation of a ‘stock market scam.’

“Rahul Gandhi has still not overcome the loss in the Lok Sabha Elections. Now, he is conspiring to mislead the market investors. Today, India has become the fifth-largest economy,” BJP leader Piyush Goyal said at a presser.

“In the last 10 years of Modi Govt, for the first time our market cap has crossed over 5 trillion dollars. Today, India’s equity market has entered the market cap of the top 5 economies of the world…We know that the market cap of PSUs listed in the market has increased 4 times under the Modi Govt,” Goyal, who won the Lok Sabha elections from Mumbai North, said.

The BJP’s response came after Rahul Gandhi alleged a stock market scam, even accusing Prime Minister Narendra Modi and Union Home Minister Amit Shah of ‘being directly’ involved in it.

“Why did the PM and Union Home Minister give specific investment advice to the five crore families investing in the stock market? Is it their job to give investment advice? Why were both interviews given to the same media owned by the same business group which is also under SEBI investigation for manipulating stock,” Gandhi said at a press briefing in the evening.

Continuing his attack on the Congress, Goyal said,”When the UPA government was in power 10 years ago, India’s market cap at that time was ₹67 lakh crore…Today the market cap has increased to ₹415 lakh crore.”

Prime Minister Modi had said on May 23,”I can say with confidence that on June 4, as BJP hits record numbers, the stock market will also hit new record highs.”

On the other hand, Union home minister Shah had said,”The market has nosedived in the past as well. So one should not link it directly to elections. Anyway, some rumours may have fuelled it (the fall). In my opinion, buy before June 4. The market is going to shoot-up.”