Stock market plunge a 'manufactured crisis': FM
Finance Minister P Chidambaram blamed uninformed reporting, for the market crash.india Updated: May 18, 2006 18:50 IST
Dubbing as "manufactured crisis," the sharpest fall in the history of stock markets, Finance Minister P Chidambaram sought to bring back foreign funds, saying no Foreign Institutional Investor has been assessed as a trader for tax purposes.
"No FII has been assessed as a trader as they are investors and this is a manufactured crisis based on uninformed reporting," he told reporters shortly after the stock market closed trading on Friday after a fall of 826 points on reports of withdrawal by FIIs.
Calling it uninformed reporting, which led to the market crash, he said, "There is a lesson for everybody. Uninformed reporting and reaction to uninformed reporting is not a desirable thing."
Earlier on Friday, Chidambaram had sought to play down the plunge saying that every movement and swing of the market did not require a comment.