Exit polls were released before the Lok Sabha election results. All media houses predicted that a government would be formed under the leadership of PM Modi. A massive majority was claimed. The day after the exit polls, the stock market reached record levels. But on the day of the election results, the results were not as per the exit polls and the market crashed. The opposition alleged that a big game was played in the market.
After the allegations, SEBI started its investigation in this matter and now it has been completed. In the investigation, SEBI has not found any indication of manipulation. SEBI said that there was no manipulation in the market on the day of exit poll before the results of the Lok Sabha elections. Data was sought from all market infrastructure, in which no irregularities were found.
SEBI sources said that as per the complaint, data was sought from all market infrastructure institutions and it was thoroughly analyzed, but nothing was found. If there is any specific point, then SEBI can still look into the matter. SEBI is still investigating the matter in depth. SEBI did not find any evidence regarding alleged market manipulation and insider trading by a group of Members of Parliament.
The biggest scam in the stock market
After the results of the Lok Sabha elections, Rahul Gandhi held a press conference and expressed apprehension of market manipulation. He called it the biggest scam in the stock market and demanded an investigation. After Rahul, TMC MP Saket Gokhale made allegations in his complaint. There was a huge surge in the stock market before the counting of votes. All the exit polls showed a huge majority for the BJP. Opposition leaders alleged that due to the exit poll estimates, the stock market rose on June 3. But on June 4, the day of counting, the market fell drastically.
The result led to a record rise in the market in one day
The exit polls were released on 1 June (Saturday) and the stock market was closed the next day. When the stock market opened on 3 June, a record rise was seen in the market. A day earlier, the 30-share Sensex index of the Bombay Stock Exchange (BSE) opened with a jump of more than 2000 points and during the day's trading, it reached its new all-time high of 76,738.89. The BSE Sensex closed at 76,468.78 with a jump of 2507.47 points or 3.39 percent, but after the results came out the next day, a huge decline was recorded.
