Stock market scam: Modi, Shah gave investment advice during Lok Sabha polls, alleges Rahul; BJP reacts

Congress leader Rahul Gandhi alleged on Thursday (June 6)  that Indian Prime Minister Narendra Modi and Home Minister Amit Shah gave investment advice to people during the campaign for the Lok Sabha elections which resulted in losses of billions to retail investors. Addressing a press conference, Gandhi said that following the exit polls, the stock markets rose and then crashed on June 4, which was the result day. 

"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 to buy shares before June 4, 19 May PM Modi says the stock market will break records on June 4. Why did the PM, home minister give investment advice to investors," Gandhi questioned. 

Also read | Rahul Gandhi hits out at BJP, accuses PM Modi of capturing CBI and ED

Gandhi pointed out that retail investors lost $359.2 billion (around Rs 30 lakh crore) and this was the biggest stock market scam. 

Rahul Gandhi demands JPC probe

Sharpening his attack on Modi and Shah, Gandhi told reporters on Thursday that a Joint Parliamentary Committee (JPC) probe should be launched into the matter. 

"What is the connection between the BJP, the fake exit pollsters and the dubious foreign investors who invested one day before the exit polls were announced and made a huge profit at the cost of five crore salaries? We demand a JPC into this. We are convinced that this is a scam. Somebody has made thousands of crores of Rupees at the cost of Indian retail investors and the Prime Minister and the Union Home Minister have given an indication to buy. So we demand today a joint parliamentary committee to investigate this," the Congress leader added. 

Gandhi also demanded an inquiry against PM Modi, Home Minister Shah and those who carried out exit polls.

BJP reacts: No one suffered a loss

Reacting to Gandhi's allegation, Union Minister Piyush Goyal said, "In April and May, when the market was rising, foreigners sold in the market and Indian investors took advantage of it and bought it. The benefit of this rise in the last 2 months has been received by Indian investors. The day the exit poll came, foreigners bought at high prices and Indian investors sold at high prices and took profit."

"Rahul Gandhi talks about Rs 30 lakh crores. I understood why the people country have no faith in Rahul Gandhi because he does not even understand that it is valuation. Valuation does not mean anything. The purchase and sale is what matters," Union Minister Goyal added. 

Cong leaders want Gandhi to become LoP in LS

Meanwhile, in the latest news from the formation of the government, Congress leaders including Shashi Tharoor want Rahul Gandhi to be the Leader of Opposition (LoP) in the Lok Sabha. 

"I sought votes on the name of my leader, Rahul Gandhi. I think he should be the Leader of Congress in the Lok Sabha. I hope elected Congress MPs also think the same. Let’s see how the Congress Parliamentary Party decides," Congress MP Manickam Tagore said in a post on X. 

"Rahul is duty-bound to lead the party as LOP in LS. He led the 2024 campaign & was the face of our campaign. I came into politics because of Rahul Gandhi. Wish to be led by him. Like his parents, he is a benevolent human being. Time to bring sanity in public life," Congress MP Vivek Tankha said on the microblogging site.