The other day, Trinamool Congress MP Kalyan Banerjee leveled some big but baseless allegations against Chandrababu Naidu.
It is known that Trinamool Congress and the BJP do not see eye to eye and cannot digest that Chandrababu Naidu with his sixteen MPs helped BJP return to power in Delhi.
Also Read – Kasireddy’s Arrest – Ex Officials Stand Exposed
He alleged that Chandrababu Naidu’s wife earned 500+ crores right after the elections by Stock Market Manipulation. He mentioned that this happened when the stock market crashed after the results and demanded that there should be a thorough investigation by the CDI and the ED.
Anyone with basic knowledge of the Stock Market will laugh over these remarks.
Also Read – Ex AP Intelligence Chief Arrested in B’wood Actress Case
It is known to all that Nara Bhuvaneshwari and Nara Lokesh are the company’s promoters. They cumulatively held a 41.3% stake in the company.
Stock markets run on speculation and sentiments. The shares of Heritage Foods are up right after Exit Polls predicted Chandrababu Naidu’s return in AP Assembly elections.
Also Read – Borugadda Anil Case Postponed to April 30
They surged further when the NDA Government was dependent on the TDP MPs.
In fact, before this, Heritage Foods released its Q4 results on May 29th. Heritage Foods reported a revenue of Rs 950 crore, marking a 16.3 percent increase from Rs 817.6 crore in the corresponding period a year ago. Heritage Foods shares soared by 12.1 percent due to that.
The good performance as well as the market sentiment helped the stocks after the results.
As the share value increased, the value of shares held by Bhuvaneshwari and Lokesh was also up. It is not like they made money but the value of their shares increased. They can make money if they sell the shares but it is not the case here.
Adani Ports and Adani Enterprises were the top losers on the Results Day. The stock market perception is that Gautam Adani is close to the BJP High Command and a negative result for the BJP is a bad trend for Adani stocks. Hence, they lost that day.
If there is stock market manipulation, why would the BJP allow Adani Stocks to lose?
In fact, there is no real relationship between Adani and the BJP. But the Stock market works on speculation and the stocks of Adani companies lost. There are times when the same speculations may help the stocks. It is speculation, not stock market manipulation.
Kalyan Banerjee was stressing that while the Stock Market crashed, only Heritage Food Shares gained. It is nothing but nonsense. As many as 132 recorded a 52-week high in the Bharat Stock Exchange (BSE) despite the Sensex tanked 6%.
Also, the same Heritage Food shares fell later. They are down from 695 Rupees Per Share on June 10th to 563.40 Rupees today (when writing this article).
That does not mean Bhuvaneshwari and Lokesh lost money.
It is tragic that an MP has zero knowledge about how the stock market works and makes silly comments in the Parliament.
