Plea in Supreme Court seeks probe into post-poll market crash

A man watches a digital screen displaying stock numbers outside the Bombay Stock Exchange building in Mumbai on June 4, 2024.
| Photo Credit: PTI

A lawyer has filed an application in the Supreme Court seeking directions to the Centre and the Securities and Exchange Board of India (SEBI) to submit a report on the allegations of stock market crash and loss to investors after the Lok Sabha election results on June 4.

The application was filed by advocate Vishal Tiwari, who linked it with the Adani-Hindenberg case. Mr. Tiwari has asked for the SEBI investigation report into the Adani-Hindenberg case to be made public, saying the ordinary citizens have a right to know.

Pointing to how the apex court had, in the Adani-Hindenberg case, highlighted the need for a fool-proof regulatory framework to protect Indian investors, the lawyer said the significant fall in the stock market and the reported loss of crores showed “nothing has changed”.

“It is said that after announcements of exit polls in respect to the Lok Sabha 2024 results the share market went high, but when the actual results were announced the market crashed,” the application said.