On Thursday, BJP leader and outgoing Union Minister of Commerce and Industry, Piyush Goyal, refuted Congress leader Rahul Gandhi's allegations of the "biggest stock market scam." Goyal claimed that Gandhi's remarks stem from his inability to accept the defeat of the opposition in the Lok Sabha election.

Earlier, Rahul Gandhi accused Prime Minister Narendra Modi and other ministers of making comments that caused a surge in the stock market before the vote counting, followed by a crash after the election results, leading to significant investor losses. He termed it the "biggest stock market scam" and called for an investigation.

Responding to these allegations, Goyal stated, "It seems like Rahul Gandhi has not overcome the defeat of the opposition in the Lok Sabha elections. Now, he is trying to deceive market investors. Today, India has become the fifth-largest economy in the world. The whole world accepts that it is the fastest-growing economy in the world. PM Modi has assured the nation that in this term, India will become the third-largest economy."

Goyal explained that following exit polls, foreign investors bought stocks at high rates while Indian investors sold and booked profits. He accused Rahul Gandhi of "hatching a conspiracy to mislead investors."

Citing the growth of India's market capitalization, Goyal remarked, "From Rs 67 lakh crore during the UPA government, India's market cap surged to Rs 415 lakh crore; domestic and retail investors benefited most. In the last 10 years of the Modi government, for the first time, our market cap has crossed over 5 trillion dollars. Today, India's equity market has entered the market cap of the top 5 economies of the world. We know that the market cap of PSUs listed in the market has increased four times under the Modi government."

Following the Lok Sabha election results on June 3, which projected a coalition government at the Centre, the stock market experienced its worst day in four years, falling by nearly 6 percent.