India’s opposition leader seeks probe into stock market moves during election

India’s opposition Congress leader Rahul Gandhi wants an investigation into sharp stock market moves towards the end of India's elections.

Projections made by Saturday’s exit polls sent stock markets surging on June 3, with the NSE Nifty 50 and S&P BSE Sensex jumping 3.3 per cent and 3.4 per cent respectively, a day before the Election Commission counted votes and declared results, dragging the markets back down again. Mr Gandhi told reporters: “We are interested in having a JPC to investigate the role of the prime minister, home minister, BJP members.” He was referring to comments made by them during the campaign and a Joint Parliamentary Committee probe.Mr Modi’s outgoing trade minister Piyush Goyal returned the accusation, saying that it was Mr Gandhi who was misleading investors.

On June 4, the markets crashed to a four-year low - down nearly 6 per cent - after election results showed Mr Modi’s Bharatiya Janata Party had lost its outright majority and the BJP-led National Democratic Alliance won only a narrow majority.

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Commentary: Lawrence Wong as Prime Minister and Finance Minister – it could give him an advantageLawrence Wong will remain Finance Minister after he becomes Prime Minister on Wednesday (May 15). Double-hatting gives him the opportunity to front the next Budget before the General Election is called, says senior analyst Mustafa Izzuddin.
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