Mumbai: TMC seeks probe into stock market 'manipulation'; NCP (SP) backs demand

TMC MPs Kalyan Banerjee, Sagarika Ghosh and Saket Gokhale met Sharad Pawar in Mumbai/ X

On Tuesday, a delegation of Trinamool Congress lawmakers met with Nationalist Congress Party (SP) chairman Sharad Pawar, who supported their call for an investigation into alleged stock market manipulation following exit polls earlier this month.

According to a PTI report, Congress MP Rahul Gandhi claimed that Prime Minister Narendra Modi and Union Home Minister Amit Shah were directly involved in the "biggest stock market scam," in which retail investors lost Rs 30 lakh crore as the market crashed following the Lok Sabha Election Results 2024 earlier this month.

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However, the Bharatiya Janta Party has dismissed the claims made by Gandhi scion and said that the charges were "baseless".

Reportedly, West Bengal Chief Minister and TMC chief Mamata Banerjee demanded an investigation into the alleged manipulation of stock markers by using "fake exit polls".

In a post on X (formerly Twitter), Sharad Pawar said that the MPs from TMC, who were in the city to visit SEBI, visited him. He added that Sena (UBT) leader Arvind Sawant, Supriya Sule and Ex-MLC Vidya Chavan were also present. In his post, he said that his party backs TMC's demand for a probe.

"All India Trinamool Congress MPs Kalyan Banerjee, Sagarika Ghosh and Saket Gokhale are in Mumbai to visit SEBI demanding an investigation in the stock market manipulation during exit polls. @/NCPspeaks is supporting them in this cause. This morning they made a courtesy visit to my Mumbai residence along with
@ShivSenaUBT_ MP Arvind Sawant. MP Supriya Sule and Ex-MLC Vidya Chavan were also present,' Sharad Pawar wrote in his X post.

Congress leader Rahul Gandhi, on June 6, had held a press conference wherein he alleged that PM Modi and Amit Shah were directly involved in the stock market manipulation and sought a joint parliamentary committee probe into it. He claimed that the duo knew how many seats the BJP would be winning yet they "artificially" jacked up the stock prices using the "fake" exit polls and the markets crashed after the Lok Sabha election results 2024 came out on June 4.

"The common people of India lost Rs 30 lakh crore in the stock market on June 4...We demand a JPC (Joint Parliamentary Committee) investigation into this biggest-ever stock market scam. This is a criminal act and we demand a JPC to investigate the involvement of the prime minister, home minister and finance minister and who are the people who made the money in this 'scam'. I am saying that people very high up in the BJP have carried out the scam...they had partners who carried out these exit polls. We would like to know if these exit polls were actually carried out, and if people were actually sent out, and we would also like to know the methodology of these polls...we would like to understand who these investors are. We have some sense of who these investors are," he alleged and added, "We are absolutely convinced that this is a scam. Somebody has made thousands of crores of rupees at the cost of Indian retail investors, and the Prime Minister and the Home Minister have given an indication to buy, and this is a criminal act. So, we demand today a Joint Parliamentary Committee (JPC) to investigate this."