Congress leader Rahul Gandhi came under heavy fire from the Bharatiya Janata Party (BJP) today for allegedly casting doubt on the integrity of the Indian stock market in the wake of recent claims made by US-based short seller Hindenburg Research.
Gandhi was accused by BJP IT Cell director Amit Malviya of “sowing doubt” and trying to erode public trust in the Indian economy on X, previously Twitter. “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,” Malviya said.
Following Gandhi’s concerns about the “significant risk” in the Indian stock markets and his suggestion that the Securities and Exchange Board of India’s (SEBI) credibility had been compromised, he made these statements. The newest Hindenburg report, claims that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch have financial stakes in offshore companies connected to the Adani money-sucking scam.
Malviya used a recent Supreme Court decision to illustrate how unfounded these concerns are. “On January 3, 2024, the Supreme Court, led by Chief Justice DY Chandrachud, concluded that there was no regulatory failure or deliberate violation by SEBI in response to the allegations of price manipulation,” he stated.
The Adani Group and the Chairperson of SEBI have emphatically denied the claims, labelling them as “malicious” and “baseless.” Madhabi Puri Buch emphasised that the Hindenburg report was made public soon after Hindenburg was served with a show-cause notice by SEBI in July as a result of their enforcement activities.
The political tensions that still exist about the reliability of India’s financial institutions and the effect of foreign monitoring on home markets are brought to light by the BJP’s criticism.
