Modi 3.0: Plea before SC over June 4 stock market crash, seeks report from Centre, SEBI

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A plea was filed before the Supreme Court this week for inquiry into the June 4 stock market crash. The petition filed by advocate Vishal Tiwari called for the Centre and the Securities and Exchange Board of India to submit a detailed report on the matter. Investors had lost around 31 lakh crore on Tuesday as the stock market suffered its worst single-day fall in 4 years.

“It is said that after announcements of exit polls in respect to the Lok Sabha 2024 results, the share market went high, but when the actual results were announced the market crashed Stock market volatility again emerged. As per news reports, the loss was 20 lakh crore. This again has raised question mark on the regulatory mechanism… despite this court’s direction, nothing has changed,” the petition said.

Exit polls had predicted a landslide win for the BJP-led NDA with the BSE benchmark Sensex shooting up on Monday by 2,507 points or 3.4% to settle at a new closing peak of 76,469. The equity markets witnessed a bloodbath on Tuesday as the ruling coalition eked out a muted victory. The Sensex tanked 4,390 points or 6% to settle at 72,079 as the counting of votes continued. 

(With inputs from agencies)