On Thursday, Rahul Gandhi claimed that Prime Minister Narendra Modi and Home Minister Amit Shah were "directly involved" in the country's "biggest stock market scam," which resulted in retail investors losing ₹30 lakh crore. He demanded a probe by the Joint Parliamentary Committee into what he described as a "criminal act."
NDA’s win on June 4th was not a huge surprise, but the stock market’s reaction was something nobody predicted. It was the worst crash on Dalal Street in 4 years.
Here’s the timeline of everything that happened:
Here are the key highlights of how the markets reacted to the election results:
- Sensex plunged by 4,389.73 pts. Nifty50 dropped 1,379.40 points.
- Small and midcap stocks face severe losses.
- The market volatility gauge surged by over 23% as investors rushed to book profits.
- Several blue-chip and PSU stocks tanked sharply.
We can’t say if PM Modi and Amit Shah are to blame for the stock market crash, but we can say this - people without an advisory license CANNOT give you investment “advice”. So this begs the question - what is investment “advice”
In India, an investment advisor must have certifications, including NISM Series-X-A and Series-X-B, apply for and obtain SEBI registration, and complete periodic continuing professional education (CPE).
To put it simply, here’s how you can avoid the stock market scamsters. A non-certified person is allowed and not allowed to say certain things when talking about the markets on a public platform.
Last week in a nutshell
Nvidia overtook Apple
Nvidia has overtaken Apple to become the world’s second-most valuable company. Furious demand for the chipmaker’s shares has raised its valuation to over $3 trillion. Shares of Nvidia have more than doubled in value so far this year.
28,000 Samsung employees are walking out
A Samsung Electronics union in South Korea planned to stage a walkout over pay disputes. The union, which represents more than a fifth of the company's workforce, has asked for an additional day of annual leave and transparent performance-based bonuses.
The holy matrimony of Vistara & Air India
The NCLT on Thursday approved the merger of Air India and Vistara, creating one of the world's largest airline groups. Air India will be able to connect five and operate more flights on international routes than any other airline.
