"False exit poll predictions caused losses worth crores in share market ": Telangana Congress leader

Hyderabad (Telangana) [India], June 5 : After winning from the Bhongir Lok Sabha constituency, Congress MP Chamala Kiran Kumar Reddy took a dig at the exit poll predictions that predicted a big majority for the BJP and said that the "false" predictions caused a loss of about Rs 20 lakh crore to investors in the share market.
The Congress candidate from the Bhongir parliamentary seat, who was declared the winner from the Lok Sabha seat, expressed gratitude to the people for their support.
Speaking to ANI here on Wednesday, Reddy said, "People have blessed me with the maximum majority. The public has continued the same rhythm in the assembly polls. At the same time, so many media channels have been exposed due to their false exit poll predictions."
"The media speculated wrong numbers on the eve of counting day, which has made the common man lose 20 lakh crore rupees in the share market. This is called the Satta Market Bazar. The total exit polls are false, influenced by the Gujarat model and Gujarat politicians," he said.
"The Gujarat Satta Market people have influenced these exit polls. Even the renowned exit polls have failed this time because they were influenced," stated Reddy.
Key contenders in the Bhongir Lok Sabha Constituency for the 2024 elections included Kyama Mallesh from the Bharat Rashtra Samithi (BRS), Boora Narsaiah Goud from the Bharatiya Janata Party (BJP), and Chamala Kiran Kumar Reddy from the Indian National Congress (INC).
The Bhongir constituency has been an important political battleground, influencing regional politics significantly.
In the 2019 Lok Sabha elections, Komati Reddy Venkata Reddy from the Congress emerged victorious, closely followed by TRS candidate Boora Narsaiah Goud, while PV Shyam Sundar Rao from the BJP secured third place.
Similarly, in the 2014 general election, Boora Narsaiah Goud of TRS won the seat by defeating Congress's Raj Gopal Reddy.
With its rich electoral history and dynamic political contests, the Bhongir parliamentary constituency continues to shape the political narrative of Telangana, making it a significant battleground for various political parties.
A steep selloff in the Indian stock market on Tuesday, June 4, led to a massive loss for investors, wiping out approximately Rs 20 lakh crore within the first few minutes of trading.
As per reports, market experts highlighted that the stock market had already priced in a significant majority for the NDA, based on exit poll predictions. However, the unexpected tightness in early election results spooked investors.
Indian stocks witnessed a bloodbath on the day the Lok Sabha results were announced, where the incumbent BJP performed below par and seemed to fall short of exit poll predictions and the majority mark on its own.
Many investors booked the profits they accumulated from the gains they made a day after the exit poll predictions indicated a a comfortable majority for the BJP.