Supreme Court
On the counting day of the Lok Sabha elections, the stock market plunged and investors lost Rs 30 lakh crore. A petition has been filed in the Supreme Court to submit a report from the government and the stock market regulator SEBI in this regard. In this petition, the Supreme Court has been asked to direct the government and SEBI to submit a report on the fall in the stock market.
Advocate Vishal Tiwari has filed this application in the Supreme Court. Vishal Tiwari said, on the day of the result of the Lok Sabha election, the market saw a big fall. Citing media reports, he said investors have suffered huge losses. He raised questions on the regulatory system in this regard. He said that after the exit polls, the market goes up suddenly but when the results are out, the market crashes.
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In fact, as the counting of Lok Sabha polls began on June 4, trends indicated that the ruling party, the BJP, would not get a majority on its own, as claimed in the exit polls. After this the market flattened. Sensex fell by 6300 points and Nifty by 2000 points. On that day, investors had lost Rs 30 lakh crore.
13th May 2024:
Amit Shah – “Buy shares before June 4th.”
19th May 2024:
Narendra Modi – “Stock markets will break records on June 4th.”
1st June 2024:
Last phase of polling. Media releases exit polls.
3rd June 2024:
Stock market breaks records and reaches an all-time high.… pic.twitter.com/CstIHq8jLD
— Congress (@INCIndia) June 6, 2024
But after recovering from the lows, Sensex closed down 4389 points and Nifty 1379 points, leaving investors with a loss of Rs 30 lakh crore in one session. Political accusations have started to be made after the big fall in the market.
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Former Congress president Rahul Gandhi on Thursday also blamed Prime Minister Narendra Modi, Amit Shah and Nirmala Sitharaman for the fall in the markets. He has also demanded a JPC inquiry into the entire matter.
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