Stock market slump: Samajwadi Party chief Akhilesh Yadav says common people losing money; blames Centre
The Hindu
Akhilesh Yadav warns of economic crisis as Indian stock markets plunge, blaming BJP government for downfall.
Samajwadi Party (SP) chief Akhilesh Yadav on Saturday (April 5, 2025) said it is very important to pay attention to the slump of India's stock markets as common people are losing their money and this could cause the economy to sink.
In a post on X in Hindi, the former Uttar Pradesh Chief Minister held the Central Government responsible for this "double vicious circle" of the economy.
Indian markets plunged on Friday (April 4, 2025) after U.S. President Donald Trump announced sweeping reciprocal tariffs, including 26% on India, to reduce the trade deficit and boost domestic manufacturing.
“It is very important to pay attention to the loss of millions of crores in the country’s stock market because the savings and capital of the common people, who have some extra money to invest and with which they buy goods or services and vehicles and land, is being lost.”
"These are the things that keep the wheel of buying and selling moving in the market and also the economy. If the money of the common people is lost in the stock market, then both the market and the economy sink," Mr. Yadav said in his post.
Investors' wealth dropped by ₹10 lakh crore on Friday (April 4, 2025) as the BSE Sensex slumped more than 900 points to crash below the 76,000 level owing to an across-the-board sell-off, tracking weak global markets amid growing global trade war fears. The 30-share BSE Sensex tumbled 930.67 points or 1.22% to settle at 75,364.69.
Tracking the weak trend in equities, the market capitalisation of BSE-listed firms eroded by ₹9,98,379.46 crore to ₹4,03,34,886.46 crore ($4.73 trillion).
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