Modi Provided Misleading Stocks, Warranting a Thorough Probe During Elections

Modi Provided Misleading Stocks, Warranting a Thorough Probe During Elections

June 7, 2024 Off By Sharp Media

India’s opposition Congress leader, Rahul Gandhi, has called for an investigation into significant stock market fluctuations observed towards the end of the recently concluded national elections. Gandhi alleges that Prime Minister Narendra Modi provided misleading investment advice, warranting a thorough probe.

Modi’s alliance won the elections with a notably smaller majority than the landslide victory predicted by exit polls last weekend. The projections released by Saturday’s exit polls caused a surge in stock markets on June 3, with the NSE Nifty 50 and S&P BSE Sensex jumping 3.3% and 3.4% respectively. However, these gains were quickly reversed when the Election Commission counted votes and declared results, bringing the markets back down.

During the campaign, Modi and his ministers, including Home Minister Amit Shah, suggested that the markets would rise significantly when results were declared on June 4. Shah even advised in a television interview, “Buy before June 4, they will shoot up.”

Addressing the media, Gandhi stated, “We are interested in having a JPC to investigate the role of the prime minister, home minister, and BJP members.” He referred to the comments made by them during the campaign and called for a Joint Parliamentary Committee probe. A source familiar with the developments indicated that SEBI, India’s securities market regulator, is examining share trade patterns ahead of the exit polls and general election results for any suspicious transactions.

Neither Modi’s office nor an aide of Shah immediately responded to requests for comment. This situation raises concerns about potential market manipulation and the ethical implications of campaign-related statements influencing investor behavior.

The demand for a Joint Parliamentary Committee probe reflects the seriousness of the allegations and the need for transparency in the matter. If irregularities are found, it could have significant repercussions for the credibility of the Modi administration and the integrity of the electoral process.

To conclude, Gandhi’s demand for an investigation into the sharp stock market moves highlights the potential misuse of political influence over financial markets by the BJP-led government during elections.