The stark gap between exit poll predictions and actual Lok Sabha election results on June 4 caused significant turmoil in the stock market, leading to massive losses. Trinamool Congress leader Saket Gokhale has urged market regulator SEBI to investigate potential manipulation of exit polls. Gokhale contends that skewed exit polls may have been designed to influence the stock market, suggesting a case of substantial market manipulation.
In his letter to SEBI, Gokhale highlighted the financial impact, stating, “Investors made massive profits on June 3, 2024, as markets surged based on exit poll results. However, on June 4, 2024, investors faced losses exceeding ₹31 trillion.” He emphasized the necessity of investigating if the India Today Axis MyIndia exit polls were deliberately skewed in favor of the BJP-led NDA, leading to the unprecedented market rally on June 3.
The exit polls had predicted the NDA would secure over 350 seats, prompting the Sensex and Nifty to soar by over 3%. However, the actual results revealed the BJP-led NDA winning only 293 seats, resulting in a market crash of 6% the following day. Gokhale pointed out the conflict of interest, noting that Axis MyIndia had BJP as a client, which raises questions about the integrity of the exit polls.
The market volatility has since been on a recovery path, with investors cautiously optimistic as Prime Minister Narendra Modi prepares to take oath for his third term on June 8, supported by allies like TDP and JD(U).
This incident underscores the critical need for transparency and accuracy in exit polling, especially given their potential impact on financial markets. An investigation by SEBI could help ensure the protection of investors and maintain trust in market operations.
