Indian opposition demands parliamentary probe into ‘biggest stock market scam’

By Ahmad Adil

NEW DELHI (AA) - India’s main opposition party on Thursday demanded a parliamentary probe into a massive stock market move on the eve of general election results.

The "common people of India lost Indian Rupees 30 lakh crores ($359 billion) in the stock market on June 4," Indian National Congress party leader Rahul Gandhi told reporters.

India’s markets saw their worst one-day loss in about four years as the ruling Bharatiya Janata Party fell short of expectations and failed to win a majority of seats when results were announced last Tuesday.

“We want a joint parliamentary committee probe into the biggest stock market scam,” he said.

Gandhi wondered why Prime Minister Narendra Modi and Home Minister Amit Shah “gave specific investment advice” to the 5 crore (50 million) families “investing in the stock markets.”

“What is the connection between the Bharatiya Janata Party, the fake exit pollsters, and the dubious foreign investors, who invested one day before the exit polls were announced and made huge profits,” asked the top opposition leader.

Gandhi accused Modi and Shah of being “directly involved” in the “scam.”

The ruling party rejected the allegations.

“Rahul Gandhi has still not overcome the loss in the Lok Sabha Elections. Now, he is conspiring to mislead the market investors,” said BJP leader Piyush Goyal.

Exit polls last week had projected more than 350 seats to the Modi-led National Democratic Alliance out of 543 parliamentary seats.

The ruling party received just 240 seats, and the ruling alliance had 293 seats.

Surprisingly, the opposition alliance which exit polls predicted would win less than 200 seats, secured 234 across the country.