Praveen Chakravarty, chairman of Congress professionals' wing and data analytics unit. | Photo: Website of Praveen Chakravarty
Congress MP Rahul Gandhi claimed in a press conference on Thursday that the record drop in stock markets on the day of the counting and the significant surge on June 3, the day before the Lok Sabha results, constituted the “biggest-ever stock market scam”.
He claimed that in order to manipulate the markets "fake" exit polls projected a resounding victory for the Modi government. Following the realisation that the ruling Bharatiya Janata Party would not secure a clear majority on its own, the markets fell.
Gandhi further asked why "specific investment advice" was given in interviews by Union Home Minister Amit Shah and Prime Minister Narendra Modi prior to the election results. The leader of the Congress demanded a Joint Parliamentary Committee probe.
Praveen Chakravarty, the chairman of the Congress professionals' wing and data analytics department and a former investment banker, discussed the accusations made by his party with Scroll on Friday.
He stated that the primary allegation that Congress is making about the so-called stock market scam is supported by data and evidence, which shows that on May 31, stock market activity doubled.
A twofold increase in stock market activity in a single day is quite uncommon. It typically occurs when significant news breaks. Adding that the last time it doubled was on May 23, 2014, when Prime Minister Narendra Modi was declared the winner of the Lok Sabha elections with an absolute majority, Scroll.in reported.