June 16, 2024
Stock Market

India election results: NDA parliamentary party meeting today as Modi accused of stock market manipulation


Indian opposition leader Sanjay Singh on why voters are unhappy with Modi

India’s opposition leader Rahul Gandhi has called for a parliamentary investigation into Narendra Modi and his right-hand-man for alleged stock market manipulation in the wake of the election results.

Gandhi said Modi and home minister Amit Shah gave misleading advice to the public after exit polls incorrectly suggested the ruling BJP would win another landslide.

Modi and Shah had urged people to “buy (stocks) before June 4, they will shoot up”. When the election results were finally released on Tuesday, however, Indian stocks suffered their biggest crash in four years.

Meanwhile, Modi continues talks to form a coalition government, amid reports that the BJP’s minor allies are making big demands regarding policy changes.

Plans are being made for Modi to be inaugurated for his third term on Sunday, but he is being forced to negotiate on Cabinet roles with alliance members after his BJP unexpectedly failed to win a majority in the country’s election.

Modi’s alliance partners like the Janata Dal (United) party have already said publicly that they will push the BJP to reverse some of its recent flagship policies, and there is said to be disagreement over the seniority of cabinet roles being offered to JD(U) and another coalition party.

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Rahul Gandhi to appear before state court in defamation case

Opposition leader Rahul Gandhi is set to appear for a defamation case before a court in southern Indian state of Karnataka.

The case filed by Keshav Prasad, a local politician from Narendra Modi’s Bharatiya Janata Party alleged that Congress engaged in propaganda by publishing full-page advertisements accusing the previous BJP government in the state of charging a 40 per cent commission for providing government projects.

Congress party leader Rahul Gandhi addresses a press conference on stock market movements prior to the poll results in New Delhi, India
Congress party leader Rahul Gandhi addresses a press conference on stock market movements prior to the poll results in New Delhi, India (AP)

Earlier, two other Congress party members – chief minister of state Siddaramaiah and deputy chief minister DK Shivakumar – were granted bail on 1 June. They also sought exemption from personal appearance.

Gandhi, however, skipped the hearing, as the court set the next date of hearing for 7 June, directing his personal appearance,

Namita Singh7 June 2024 06:26

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West Bengal high court pulls up state authorities over post-poll violence

The Calcutta High Court has criticised the West Bengal state authorities over post-poll violence, saying it may ask the Central Armed Police Forces (CAPF) to stay deployed in the state for the next five years if the state fails to control violence.

“We want to ensure security of the people of the state at any cost,” said two-judge bench Justice Kausik Chanda and Justice Apurba Sinha Ray as it directed the state to allow people affected by violence to submit complaints to the Director General of Police via email.

“We want to ensure security of the people of the state at any cost,” the Bench said.

Supporters of Trinamool Congress (TMC) party cheer during an election campaign
Supporters of Trinamool Congress (TMC) party cheer during an election campaign (AFP via Getty Images)

A petitioner named Rastrabadi Ainjeebi, through their lawyer, told the court that 11 people have died since the conclusion of the election.

Justice Koushik Chanda said: “Every day, we are watching in the media about post-poll violence. What happened after the last Assembly election, the same thing is happening this time also. You (State) should be ashamed.”

“If the state fails to control this violence, we have to make a decision that in the next five years, the Central forces will stay in this state.”

Namita Singh7 June 2024 06:07

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Congress politician on why Modi shouldn’t form government

Senior Congress politician Sachin Pilot says Narendra Modi should not be allowed to form the next government, arguing that he does not have a mandate to do so based on the election results.

“The BJP should introspect,” he said during a media interaction.

“When the 1989 election happened, Rajiv Gandhi got around 200 seats. He was asked to form the government, but he refused saying he had not got the mandate,” he said, referring to a former Indian prime minister for the Congress party.

“Then, the next largest party was asked to form the government.”

Mr Modi’s ruling BJP fell way short of the halfway mark of 272 seats, winning 240 seats, and he must now rely on minor partners in his National Democratic Alliance to make up a majority in parliament. The NDA as a whole won a total of 292 seats.“People didn’t accept BJP’s campaign of ‘Mandir Masjid’, Hindu-Muslim issues, and ‘Mangalsutra’,” he said referring to divisive remarks made by the prime minister during the campaign.

“The central government adopted an attitude, especially against the opposition, targeting them, imprisoning elected chief ministers, and misusing (central probe) agencies like the [Enforcement Directorate] and [Central Bureau of Investigation]. All these actions have been rejected by the people,” Mr Pilot said.

Namita Singh7 June 2024 05:41

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BJP accuses opposition alliance of misleading market investors

The BJP accused Congress of misleading market investers after opposition leader Rahul Gandhi held a press conference alleging a connection between the Hindu nationalist party, “exit pollsters and dubious foreign investors”.

“Rahul Gandhi has still not overcome the loss in the Lok Sabha Elections. Now, he is conspiring to mislead the market investors,” said union commerce minister Piyush Goyal.

“Today, India has become the fifth-largest economy.”

Alleging that Mr Gandhi wants to instill “fear in the minds of both the domestic and global investors, so that they do not invest,” he said: “We all know equity markets react to various estimates and predictions during any elections, or for that matter any forecasts by banks and institutions. Ups and downs are normal even during a non-event.”

Congress party leader Rahul Gandhi shows a stock market movement chart during a press conference in New Delhi, India, Thursday, 6 June 2024
Congress party leader Rahul Gandhi shows a stock market movement chart during a press conference in New Delhi, India, Thursday, 6 June 2024 (AP)

Namita Singh7 June 2024 05:11

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China objects after Taiwan congratulates Modi on third term

China has launched a formal protest over an exchange between Taiwan’s president Lai Ching-te and Indian prime minister Narendra Modi following the election results.

Mr Lai, in a post on X, congratulated Mr Modi on winning a third term, saying: “My sincere congratulations to Prime Minister @narendramodi on his election victory. We look forward to enhancing the fast-growing #Taiwan-#India partnership, expanding our collaboration on trade, technology & other sectors to contribute to peace & prosperity in the #IndoPacific.”

“Thank you @ChingteLai for your warm message,” responded Mr Modi. “I look forward to closer ties as we work towards mutually beneficial economic and technological partnership.”

File: Indian prime minister Narendra Modi, left, talks with Chinese president Xi Jinping at a signing ceremony by foreign ministers during the BRICS summit in Goa, India, 16 October 2016
File: Indian prime minister Narendra Modi, left, talks with Chinese president Xi Jinping at a signing ceremony by foreign ministers during the BRICS summit in Goa, India, 16 October 2016 (AP)

Objecting to the exchange, China’s foreign ministry spokesperson Mao Ning said: “First of all, there is no such thing as ‘president’ of the Taiwan region.”

“As for your question, China opposes all forms of official interactions between the Taiwan authorities and countries having diplomatic relations with China. There is but one China in the world. Taiwan is an inalienable part of the territory of the People’s Republic of China,” she said.

“The one-China principle is a universally recognised norm in international relations and a prevailing consensus in the international community,” Ms Mao said, adding, “India has made serious political commitments on this and is supposed to recognise, be alarmed about and resist the Taiwan authorities’ political calculations. China has protested to India about this.”India “has diplomatic relations with China.

“China opposes all forms of official interactions between the Taiwan authorities and countries having diplomatic relations with China. This position is very clear and India knows this well,” she said.

Namita Singh7 June 2024 04:51

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Opposition alliance parties still hopeful of forming government

While in a joint statement on Wednesday the INDIA alliance said it had decided to “take appropriate steps at the appropriate time”, indicating a willingness to sit in the opposition, not all parties in the bloc have given up hope of forming the government.

West Bengal chief minister and Trinamool Congress (TMC) chief Mamata Banerjee, often referred to as a reluctant opposition alliance partner, is making attempts to breach the citadel of prime minister Narendra Modi’s National Democratic Alliance, according to the Indian Express.

Chief minister of India’s West Bengal state and Trinamool Congress (TMC) party leader Mamata Banerjee address the media in Kolkata on 4 June 2024
Chief minister of India’s West Bengal state and Trinamool Congress (TMC) party leader Mamata Banerjee address the media in Kolkata on 4 June 2024 (AFP via Getty Images)

She has requested Samajwadi Party chief Akhilesh Yadav to reach out to key government allies, including Chandrababu Naidu and Nitish Kumar, who also shared good relations with Mr Yadav’s late father Mulayam Singh.

Two senior TMC leaders – Derek O’ Brien and Abhishek Banerjee – met Mr Yadav in New Delhi for a follow-up, reported the outlet citing sources.

Namita Singh7 June 2024 04:27

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

India’s opposition Congress leader Rahul Gandhi has demanded an investigation into sharp stock market moves towards the end of the just-ended national elections, alleging that prime minister Narendra Modi gave misleading investment advice.

Mr Modi’s alliance won the vote with a far smaller majority than the landslide forecast by exit polls last weekend.

Projections made by Saturday’s exit polls sent stock markets surging on 3 June, 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 Modi and some of his ministers had said during campaigning that the markets would surge when results were declared on 4 June, with home minister Amit Shah saying in a television interview, “buy before June 4, they will shoot up”.

Congress party leader Rahul Gandhi, right, shows a stock market movement chart on a screen during a press conference in New Delhi, India, Thursday, 6 June 2024
Congress party leader Rahul Gandhi, right, shows a stock market movement chart on a screen during a press conference in New Delhi, India, Thursday, 6 June 2024 (AP)

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.

“We want to understand who are the foreign investors who did these trades?” he said.

Mr Modi’s outgoing trade minister Piyush Goyal returned the accusation, saying that it was Mr Gandhi who was misleading investors.

“He is worried that Modi is coming back to power… He is pressuring foreign investors to not invest in the country,” he said. “We know equities markets undergo changes according to various estimates presented from time to time.”

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

Namita Singh7 June 2024 03:57

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How the Samajwadi Party scripted its success

In Uttar Pradesh, the country’s most populous state which accounts for 80 seats, the party won 62 seats five years ago but was reduced to 33 in this election. The opposition INDIA bloc got 43 seats, with the Samajwadi Party taking 37, a seven-fold increase over the previous election.

The Samajwadi Party has traditionally banked for support of the Muslim minority and the Hindu Yadav community of its leadership. The Yadavs are counted among the Other Backward Classes, or OBCs, a vast collection of caste groups which occupy the lower-middle and lower rungs on the Hindu caste hierarchy.

At the same time, Akhilesh Yadav galvanised the party’s workers by focusing on issues of social justice and equitable representation, organising effective campaigns, and ensuring strategic ticket distribution to candidates from diverse backgrounds.

“The party gave tickets to candidates from varied backgrounds that wanted representation,” Mr Apooranand said.

Maroosha Muzaffar7 June 2024 02:01

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Modi has ‘lost aura of electoral invincibility’, analyst suggests

“Modi has seemingly lost his aura of electoral invincibility,” Michael Kugelman, director of South Asia Institute at Wilson Center, was quoted as saying by Reuters.

“This is a leader who has repeatedly bounced back from political and policy setbacks and retained large public mandates. With the results we’re seeing, that narrative of resilience has been dealt a big blow.”

Andy Gregory7 June 2024 01:03

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Controversial Bollywood actor Kangana Ranaut slapped days after winning election

Bollywood actor Kangana Ranaut was reportedy slapped by a security official in an altercation at an airport on Thursday, after being elected an MP for Narendra Modi’s BJP party.

Shahana Yasmin has more details on Ms Ranaut’s election in Mandi, a seat in her northern home state of Himachal Pradesh, and won by a margin of just under 75,000 votes:

Andy Gregory7 June 2024 00:01



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