Somaiya links the Sensex crash to UPA regime

Mumbai, Aug 17 (UNI) BJP leader and former MP Kirit Somaiya today linked the fall in the stock market to the policies regime of the Congress-led United Progressive Alliance (UPA) and alleged that of the ten biggest falls in the BSE Sensex, nine occurred during the UPA rule.

In a statement released here, Mr Somaiya said the Union Finance Ministry has ignored all caution, inspite of warnings from RBI, experts and Small Investors Assocaitions.

''It is surprising that out of ten biggest, single day Sensex crashes in the capital market, nine occurred in the regime of Finance Minister P Chidambaram). This is happening due to over dependence of Speculative tendency, Foreign Institutional Investors (FIIs), Hedge Funds, PN Route'', he alleged.

''The 30-stock Bombay Stock Exchange (BSE) Sensex has crashed thrice by 643, 615 and 542 points in last 20 days. Does that mean economy is crumbling now?'' he gveried.

The Sensex, considered a barometer of Indian economy, recorded the second biggest among the seven major falls of over 500 points, when it tumbled by 642.70 points to close at 14,358.21 points yesterday.

UNI