Lok Sabha Elections: Plea In SC Seeks Probe Into Post-Poll Market Crash

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Lok Sabha Elections: Plea In SC Seeks Probe Into Post-Poll Market Crash 

| Updated: June 8, 2024 20:23

A petition has been submitted in the Supreme Court seeking a probe against media outlets and their associates for airing the exit polls shortly after the completion of the final phase of Lok Sabha elections and allegedly influencing the investors who suffered a loss of Rs 31 lakh crore as the share market crashed after the results on June 4.

The plea stated that as soon as the final phase of voting ended on June 1, media outlets started debating over exit polls and attempted to persuade ordinary investors to buy shares until the market opened on June 3 (Monday), which caused the share market to unexpectedly rise. 

It said the share market went up after the exit polls, but when the real outcomes were announced, it resulted in a crash.

Advocate BL Jain, who filed the plea, stated that on June 4, while the counting was taking place, the share market fell, causing regular investors to lose a staggering Rs 31 lakh crore.

The appeal, filed through advocate Varun Thakur, claimed that the loss of Rs. 31 lakh crore caused by the collapse of the markets will have an impact on both the Indian economy as a whole and India’s standing globally. 

“The telecast of any news/debate/programme must not give any impression of bias or prejudice in favour of or against any political party. Unfortunately, uncontrolled and un-regulated electronic media has been working as a commercial industry and brings into play by one political party against another political party,” the petition stated.  

Prediction/exit polls, according to the petitioner, are in gross violation of the Election Commission of India guidelines of April 2, 2024, as well as Section 126A of the Representation of People Act, 1951. 

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