BJP Slams Rahul Gandhi For "Seeding Doubt" About Indian Stock Markets

The BJP today slammed Congress leader Rahul Gandhi for raising questions on the integrity of Indian stock markets based on the latest allegations by  US-based short seller Hindenburg.  

"The Leader of Opposition is now openly inciting and seeding doubt about the genuineness of the Indian stock markets. This blatant attempt to undermine confidence in our economy reveals the true intention of Rahul Gandhi, which is nothing but the destruction of India," BJP leader Amit Malviya said in a post on X (formerly Twitter).  

He said that Mr Gandhi's remarks come despite the expert committee appointed by the Supreme Court concluding there was no regulatory failure regarding the allegations of price manipulation made by Hindenburg.

"On Jan 3, 2024, the Supreme Court, led by CJI DY Chandrachud, observed that no willful or deliberate violations were done by SEBI," Mr Malviya said.

Rahul Gandhi had alleged that there was significant risk in the Indian stock markets and that the "integrity" of the Securities and Exchange Board of India (SEBI) was "gravely compromised" by the allegations against its chairperson.

The new Hindenburg report claimed that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in offshore entities involved in the alleged Adani money siphoning scandal.

The SEBI Chairman and the Adani Group, however, have labelled these allegations as "baseless" and "malicious". Madhabi Puri Buch has also pointed out that the latest release by Hindenburg comes after SEBI took enforcement action and issued a show-cause notice to them in July.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)