The Bharatiya Janata Party (BJP) responded strongly to Congress leader Rahul Gandhi's allegations of a stock market scam on Thursday. BJP leader Piyush Goyal, speaking at a press conference, accused Gandhi of attempting to mislead market investors out of frustration over the Congress's loss in the Lok Sabha elections.

"Rahul Gandhi has still not overcome the loss in the Lok Sabha Elections. Now, he is conspiring to mislead the market investors. Today, India has become the fifth-largest economy," Goyal said. He highlighted the achievements of the Modi government, noting that India's market capitalization has crossed $5 trillion for the first time. "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 4 times under the Modi Government," said Goyal, who won the Lok Sabha elections from Mumbai North.

Rahul Gandhi had accused Prime Minister Narendra Modi and Union Home Minister Amit Shah of being directly involved in the alleged stock market scam. Gandhi questioned why the Prime Minister and Union Home Minister provided specific investment advice to stock market investors and why their interviews were given to a media group under SEBI investigation for stock manipulation.

"Why did the PM and Union Home Minister give specific investment advice to the five crore families investing in the stock market? Is it their job to give investment advice? Why were both interviews given to the same media owned by the same business group which is also under SEBI investigation for manipulating stock," Gandhi said at his press briefing.

Goyal countered Gandhi's accusations by comparing the market cap during the UPA government's tenure to the present. "When the UPA government was in power 10 years ago, India's market cap at that time was ?67 lakh crore? Today the market cap has increased to ?415 lakh crore," Goyal said.

Prime Minister Modi had confidently predicted a rise in the stock market following the BJP's performance in the elections. "I can say with confidence that on June 4, as BJP hits record numbers, the stock market will also hit new record highs," Modi said on May 23. Union Home Minister Amit Shah also commented on the stock market, advising investors not to link market fluctuations directly to elections and suggesting they buy before June 4, predicting a market surge.