Modi, Shah responsible for stock market crash: Cong

Hyderabad: TPCC Sr vice-president & chairman, Election Commission Coordination Committee G Niranjan on Friday alleged that Narendra Modi indulged in a major scandal even before the beginning of his third term by causing a turmoil in the stock exchange market, resulting in a loss of Rs 31 lakh crore of investor wealth.

Speaking to mediapersons here at Gandhi Bhavan, he said that Amit Shah on May 13 and Modi on May 15 in an interview on a national channel called upon people to buy shares by June 4, as otherwise their value will rise beyond the reach of investors.

As a result, on June 1, when the exit poll results indicated that the NDA would get more than 400 seats, the share market gained Rs 13 lakh crore in a single day. But when the actual election results came out on June 4, the share market suffered a loss of Rs 31 lakh crore, he pointed out, adding that Modi and Shah are fully responsible for this scandal.

Niranjan asked whether Modi and Shah are share brokers to ask people for buying shares. “No politician has influenced the share market in the past as Modi and Amit Shah did. All this was done hand-in-glove with the organisers of exit polls,” he said, demanding that the SEBI inquire into it to find out the persons or firms that benefited out of this deal.