Lucknow: The share market has been witnessing a downward trend for the past few weeks. It is continuously declining except on select days. Retail investors have suffered the most from this round of selling. BJP MP Varun Gandhi, who has rebelled against the central government, has expressed concern over the loss to retail investors. BJP MP Varun Gandhi has written in an article that retail investors have lost their earnings throughout the year in the last three weeks.
Varun Gandhi has said that Rs 15 lakh crore of India's retail investors have drowned. In an editorial for an English newspaper, Varun said the three main reasons for the loss to retail investors are "the rise in the prices of commodities, the slowing economy and the Russia-Ukraine war". Varun Gandhi also referred to the bad condition of new-age tech companies in the stock market and raised many serious questions. In fact, the performance of some of the companies listed in the market by bringing in IPOs during the last few months has been quite disappointing. These include companies like Paytm, Zomato, Nykaa, Policy Bazaar. The stocks of some of these have fallen by 75-80 per cent compared to the issue price.
Varun Gandhi also quoted Paytm while making his point. He wrote that the company has been incurring losses and its stock price has come down considerably, falling steadily since the IPO. Without naming anyone, he wrote that the promoters of such companies claim to have left the value for the investors, while this has resulted in the loss of value of many. In fact, Nykaa founder Falguni Nayar said at the time of the listing that she was leaving enough value on the table for investors. However, shares of its parent company FSN E-Commerce Ventures Ltd are down about 40 per cent compared to their 52-week high.
Varun Gandhi also mentioned NSE co-location scam, ABG shipyard fraud, banking fraud, loan from the app, etc. in his article. He said that even after SEBI's request, most of the companies did not separate the post of their chairman and managing director. After this, SEBI had to withdraw its decision. The BJP MP said that during May-June 2021, about 50,000 people have already suffered a loss of Rs 150 crore in the multi-level marketing scheme. Similarly, in December 2020, lakhs of investors have lost Rs 6,300 crore in agri-gold farm estate chit fund fraud.
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