India: Gandhi seeks probe into stock market moves during election

Source: Reuters

“India’s opposition Congress leader Rahul Gandhi has demanded an investigation into sharp stock market moves towards the end of the just-ended national elections, alleging on Thursday that Prime Minister Narendra Modi gave misleading investment advice. Modi’s alliance won the vote with a far smaller majority than the landslide forecast by exit polls last weekend. Projections made by Saturday’s exit polls sent stock markets surging on June 3, with the NSE Nifty 50 and S&P BSE Sensex jumping 3.3% and 3.4% respectively, a day before the Election Commission counted votes and declared results, dragging the markets back down again. Modi and some of his ministers had said during campaigning that the markets would surge when results were declared on June 4, with Home Minister Amit Shah saying in a television interview, ‘buy before June 4, they will shoot up.'” (06/06/24)