The Indian stock market has witnessed a massive crash, with the Sensex plummeting by 4,000 points in a month and erasing Rs 40 lakh crore in market capitalization. The Nifty 50 has now recorded its longest losing streak since its inception in 1996, raising concerns over the stability of India’s financial system.
Rajesh Kumar Sethi, National Coordinator of the AICC Minority Department in charge of Manipur, in a statement, held Prime Minister Narendra Modi and Home Minister Amit Shah directly responsible for the crisis.
“This crisis is not just a market correction—it is the result of Prime Minister Narendra Modi and Home Minister Amit Shah’s deliberate inaction and their open support for big corporate players at the expense of ordinary investors,” Sethi said.
He alleged that the government’s failure to regulate the stock market had allowed “rampant manipulation, unchecked corporate fraud, and erosion of public trust in India’s financial system.” Instead of addressing regulatory loopholes, he accused Modi and Shah of “actively shielding their favored business allies, ensuring that a handful of corporations benefit while retail investors suffer massive losses.”
Sethi further pointed to the recent findings of Hindenburg Research, claiming that they “expose SEBI’s compromised leadership” and prove that “market watchdogs have been turned into puppets of the Modi government.” He argued that the regulatory failure was not accidental but “a direct consequence of a system designed to favor corporate cronies.”
Referring to Congress leader Rahul Gandhi’s remarks, Sethi stated, “When Rahul Gandhi raises concerns about a ‘compromised umpire,’ he is pointing to a larger truth: the Modi government has dismantled the very institutions meant to protect investors.”
He also criticized Home Minister Amit Shah’s recent remarks advising investors to “buy before June 4,” calling it an attempt to use the election outcome as a stock market gimmick. “Meanwhile, Modi is making hollow promises of record highs post-elections, despite the clear evidence that his policies have caused the current crisis,” he added.
Sethi accused the government of prioritizing electoral gains over investor security, stating, “Their blatant disregard for investor security proves that for them, the stock market is not about economic growth—it is about manipulating public sentiment for electoral gains.”
Calling for urgent regulatory intervention, Sethi said, “India’s markets need real regulatory oversight, not a government that enables corporate greed. Investors deserve a system that is transparent, fair, and protected from political interference.” He concluded by holding Modi and Shah accountable for the financial disaster, stating, “Modi and Shah’s failure to act has cost Indian investors billions.”
The biggest sufferers, he said, are retail investors who “invested their hard-earned money in the stock market because of PM Modi and Amit Shah’s appeal to buy stocks.”
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