BJP hits back at Rahul Gandhi over 'markets scam' charge, says 'Unable to handle poll loss'

The BJP leader and outgoing Union Minister of Commerce and Industry, Piyush Goyal, on Thursday hit back at Congress leader Rahul Gandhi's 'biggest stock market scam' allegations, saying that the Congress MP is making such remarks because he is unable to handle INDIA's loss in the Lok Sabha election.

Earlier today, Rahul Gandhi alleged that comments made by Prime Minister Narendra Modi and other ministers led to the surge in the stock market ahead of the counting, and that the stock market crashed after the election result, causing huge losses for investors. Terming it the "biggest stock market scam," Gandhi called for an investigation.

Responding to this, Goyal said, "It seems like Rahul Gandhi has not overcome the defeat of the opposition in the Lok Sabha elections. Now, he is trying to deceive market investors. Today, India has become the fifth-largest economy in the world. The whole world accepts that it is the fastest-growing economy in the world. PM Modi has assured the nation that in this term, India will become the



third-largest economy".

The minister noted, following exit polls, foreign investors bought stocks at high rates while Indian investors sold and booked profits.

Goyal accused Rahul Gandhi of "hatching a conspiracy to mislead investors".

"From Rs 67 lakh core during the UPA government, India's market cap surged to Rs 415 lakh cr; domestic and retail investors benefited most," he said further.

Claiming that the stock market achieved robust growth under the BJP government, Goyad said, "In the last 10 years of Modi Govt, for the first time our market cap has crossed over 5 trillion dollars. Today, India's equity market has entered the market cap of the top 5 economies of the world...We know that the market cap of PSUs listed in the market has increased 4 times under the Modi Govt..."

Following the Lok Sabha election results on June 3, which projected a coalition government at the Centre, the stock market witnessed its worst day in the past four years, falling by nearly 6 percent.